In Observance of Martin Luther King, Jr. Day Hudock Capital Group LLC will be closed Monday January 21st 2019

Letters category: Letters

Market Volatility December 2018 December 21, 2018
Downloads: MARKET-VOLATILITY-Dec-2018.pdf

There has been a lot of market volatility in recent months.

Precautions are useless after a crisis!

You’re probably wondering what we mean. It’s simple. When’s the worst time to buy a home-security system? After a break-in. When’s the worst time to check your tire pressure? After you’ve already had a blowout. When’s the worst time to put your seatbelt on?

You get the idea.

It’s a fundamental fact of life, and it extends to your finances, too. We can’t say for sure when the next bear market will come – and the recent volatility is not necessarily an indication that a bear is just around the corner. What we can say, however, is that a bear market is inevitable, because the markets take hits just like everything else.

Whether the next bear market comes this year or next or much later, there’s only one thing to do about it, and that’s to have a plan.

As your financial advisors, one of our most important responsibilities is to help you do now what people in the future will wish they had done earlier. That includes preparing for more market volatility. The actions that we put into place earlier this year were geared toward lowering volatility within your portfolio. In doing so, we retained certain investments that are set for generating returns over the long term. For these kinds of investments, the volatility over time is a benefit as it allows us to take advantage of opportunities as they present themselves. A well balanced portfolio can help to both reduce volatility and take advantage of the opportunities volatility at times presents. This can be challenging to remember in the midst of market turbulence, but history proves it to be true over and over again.

Without a doubt, the last few months have been turbulent. It’s a reminder that volatility is simply an unfortunate fact of life. And like a thunderstorm on a day you hoped would be sunny, or road construction when you’re most in a hurry, volatility never comes at a good time.

Make no mistake, volatility is frustrating – and even a bit scary. After all, when we talk about your investments, your portfolio, we’re not talking about some abstract concept. This is your money. Your retirement savings. Your hard-earned future.

A few things:

First, we need to remember that volatility is normal.  Knowing that it’s normal doesn’t make volatility fun.

But it should make volatility a little less scary.

The second thing to do is remember that we have a long-term plan in place – a plan in which volatility is already factored in. We’ve laid out a specific path to those goals – and the plan assumes there will be bumps, setbacks, and even a wrong turn or two along that path. It really is like driving a car, if you think about it. Smart drivers give themselves extra time to reach their destination, so when they hit the inevitable detour or traffic jam, it doesn’t ruin their journey.

That’s what we’ve tried to do with your finances. Volatility – even prolonged volatility – is a detour, not a derailment.

The third thing to remember is our team is constantly monitoring your portfolio. We’re not forecasters, trying to predict which way the markets will go next, because that’s a fool’s errand. Drivers who do that often end up going in circles. Instead, we watch your progress in real time, always asking if what’s happening now necessitates a course correction or not. Day-to-day swings in the markets rarely do, just like a pothole in the street doesn’t make you choose a different road. But should the road ever get too bumpy – bumpier than your portfolio can handle – we’re prepared to make changes and find a smoother route.

Which brings us to the final thing you should do: Enjoy your holidays! Spend time with family. Go caroling. Argue about where to place the holiday decorations this year. Do all the things you’d rather be doing this time of year. After all, it’s those things that really count.

There is no doubt, the markets are challenging right now. But here’s what we can say: Don’t stress about it.

That’s our job.

We will keep monitoring the markets – and your portfolio – every single day. If we need to make any changes, we will. In the meantime, you concentrate on what really matters. Family. Friends. Spreading Goodwill and Cheer. And remember that if you have any questions or concerns, at any time, that’s why we’re here – call us.

From all of us here at Hudock Capital Group, we wish you all the best for a wonderful holiday season!


Warmest Regards,

Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
Relationship Manager
President and Founding Partner

Gratitude November 19, 2018
Downloads: Gratitude.pdf

Thanksgiving has always been about being thankful for what we have.  Even before it was declared an official U.S. holiday, it was a centuries-old tradition to have a feast celebrating a good harvest, a victory in battle, or some other momentous occasion.

The custom of celebratory feasts is almost as old as civilization itself.  Yet the idea of “Thanksgiving” is still as important as ever.

Giving thanks for what we have – for whatever good fortune we’ve enjoyed this year – helps strengthen our resolve to deal with today’s challenges and confidently face tomorrow’s trials.  I think that’s why Thanksgiving has evolved from being a celebration of a good harvest into something much more important.

It’s a celebration of life.

As we celebrate life at Thanksgiving, we do so with a spirit of gratitude and compassion.  We do so by remembering those who may be less fortunate than us.  We may volunteer at food banks, make donations to charity, or call or visit those who may be lonely or in need of a kind word.  Regardless of the form of expression, we know that giving thanks means letting others know we care.

So, this Thanksgiving, please join with me in looking back on our good fortune and extending a helping hand to others.  Join me in a spirit of gratitude for all of our many blessings, including those yet to come.  Join me in giving thanks that we have each other to build a world that makes almost every year better than the one before.

On behalf of all of us here at Hudock Capital, we are thankful for you and your friendship and we wish you a very Happy Thanksgiving!


Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J.Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

3rd Quarter Market Commentary October 29, 2018
Downloads: Market-Commentary-Q3-2018.pdf

You can’t be a successful investor by following the herd.

Warren Buffet said, “You pay a very high price for a cheery consensus. It won’t be the economy that will do in investors; it will be the investors themselves. Uncertainty is actually the friend of the buyer of long-term values.” Volatility is the price you pay for strong investment returns. As they say, no risk, no reward.

We know that many of you are not bothered by volatility, and that’s great. Market downturns are a good time to rebalance and add funds to your investments. Volatility is our friend… over the long term.

Historically, October is the most volatile month of the year. We know there will be markets like this, and we’ve prepared for them. It’s important that we always have funds available for you if you need to take distributions from your portfolio… this is something we generally talk with you about at each review meeting.

Much of the market panic the past weeks was caused by a quick spike in interest rates and comments the International Monetary Fund (IMF) made regarding the likelihood of lower global returns in the next few years. This is something we’ve been saying for quite a while, and it’s built into our model portfolios. During the year, we’ve positioned our short-term bonds and money market holdings to manage cash flow during unexpected volatility events just like this.

Is this the beginning of a bear market? We don’t have a crystal ball that tells us that. That’s why you have a well-diversified portfolio of stocks, bonds, alternatives, and money markets.

Interest rates are likely to continue moving higher. As you’re well aware, interest rates have been extremely low for many years, which is a good thing if you’re a borrower, but not if you’re an investor in bonds or CDs. As rates return to more normal levels, you’ll probably see volatility in your bond portfolio AND see your yields start to move up.

What will happen next week? We’re not sure, but we will be here for you. If you have questions or would like to discuss your portfolio or the markets in general, please feel free to call us. Also enclosed with this letter is our third quarter market commentary. This gives you a more long-term perspective.

Warmest Regards,

Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J. Hudock, Jr., CPM®
Relationship Manager
President and Founding Partner

Have a wonderful Labor Day weekend! August 31, 2018
Downloads: Have-a-wonderful-Labor-Day-weekend.pdf

It’s easy to treat Labor Day as little more than the last summer holiday. As one more opportunity to visit the lake. As a day for barbecues or sipping lemonade on the hammock. After all, Labor Day lacks the historical traditions of Independence Day, the gravity of Memorial Day, or the religious significance of Christmas, Easter, or Chanukah. It’s just not quite as important. Right?


As you know, Labor Day is really a celebration of the Labor Movement. What you may not know is that one of Labor’s many accomplishments centers around the thing we hold most dear:

Our children.

These days, most kids in the United States spend their childhood going to school, romping on the playground, riding bikes, or any of a thousand other fun activities. The entire concept of growing up is based on learning, exploration, and recreation.

But it didn’t used to be that way.

In 1900, at least 18% of children worked as child laborers – and that figure is probably low.¹ In the 18th century, hundreds of thousands of children worked in mills and factories, mines and farms. They spent ten, twelve, fourteen hours every day in dangerous conditions for very little money. Many child laborers grew up with callused fingers, poor eyesight, and rotting lungs.
Most never received an education.

Here’s how one historian put it:

Although children had been servants and apprentices throughout most of human history, child labor reached new extremes during the Industrial Revolution. Children were useful as laborers because their size allowed them to move in small spaces in factories or mines where adults couldn’t fit, children were easier to manage and control and perhaps most importantly, children could be paid less than adults. Child laborers often worked to help support their families but were forced to forgo an education.¹

It’s largely thanks to the Labor Movement that child labor has become – for the most part – a thing of the past. Thanks to decades of lobbying and protesting, the Labor Union was able to prod the government into passing an ever-more stringent series of laws prohibiting child labor. For example:

In 1832, New England unions resolved that, “Children should not be allowed to labor in the factories from morning till night, without time for healthy recreation and mental culture,” for it “endangers their well-being and health.”²

In 1836, many trade unions started making formal proposals in favor of minimum age laws. Later that year, Massachusetts became the first state to require children under 15 to attend school at least 3 months every year. ²

In 1842, some states passed laws limiting children’s work days to 10 hours. ²

In the 1870s and 80s, as the Labor Union became a more unified force, many unions proposed banning child labor altogether.² When the American Federation of Labor was formed in 1881, its leader, Samuel Gompers, wrote: “What does labor want? We want more schoolhouses and less jails. More books and less arsenals. We aim to…take children from the factory and workshop and give them the opportunity of the school and the playground.”³

In 1904, the National Child Labor Committee began an aggressive campaign for more stringent laws against child labor. ²

I could go on, for pages and pages. Suffice it to say that in 1938, after a century of struggle, the Labor Movement helped ensure the passage of the Fair Labor Standards Act. This landmark legislation made it illegal for most industries to employ children under 14. It also imposed a host of other rules against employing older children in dangerous jobs or for long hours.

As you enjoy Labor Day, take a moment to watch your children and grandchildren frolic and play. Ask them about school starting. And reflect that these simple joys are largely due to the hard work of laborers.

This Labor Day, let’s all give thanks for one of the greatest blessings we enjoy: Childhood.

From all of us here at Hudock Capital Group, I wish you a safe and happy Labor Day!


Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J.Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

¹ Walter Trattner, “Crusade for the Children: A History of the National Child Labor Committee and Child Labor Reform in America,” Quadrangle Books, 1970.
² “A Time Line of Child Labor Reform,” Virginia Commonwealth University,
³ “Samuel Gompers,”

July 2018 Market Update August 15, 2018
2nd Quarter Market Commentary July 26, 2018
June 2018 Market Update July 13, 2018
The Sound of Liberty June 28, 2018
Downloads: Independence-Day-JFK-Speech.pdf

Everyone knows that July 4th is “America’s birthday.”  It’s the commemoration of our national independence.  A day for fireworks and fun, patriotism and pride.  A celebration of America itself.

But in a sense, the Fourth of July is even more than that.

Two-hundred and forty-two years ago, a group of Americans gathered together to sign one of the most extraordinary documents ever written, memorializing one of the greatest decisions ever made.  We’re referring, of course, to the Declaration of Independence.  Historians debate which day the signing actually took place, but in the grand scheme of things, details like that don’t matter.

What matters is what came next.

A Trumpet Call of Freedom

President John F. Kennedy explained it best in a speech he gave on July 4, 1962.1 Standing inside Independence Hall, the same place the founders gathered almost two centuries before, he said:

[The Declaration of Independence] was, above all else, a document not of rhetoric but of bold decision.  It was, it is true, a document of protest – but protests had been made before.  It set forth grievances with eloquence – but such eloquence had been heard before.  But what distinguished this paper from all the others was the final irrevocable decision that it took – to assert the independence of free States in place of colonies, and to commit to that goal their lives, their fortunes, and their sacred honor. 

That Declaration, whose yellowing parchment and fading, almost illegible lines I saw in the past week in the National Archives in Washington, is still a revolutionary document.  To read it today is to hear a trumpet call.  For that Declaration unleashed not merely a revolution against the British, but a revolution in human affairs.  Its authors were highly conscious of its worldwide implications, and George Washington declared [later] that liberty and self-government everywhere were, in his words, ‘finally staked on the experiment entrusted to the hands of the American people.’ 

 This prophecy has been borne out.  For 186 years this doctrine of national independence has shaken the globe – and it remains the most powerful force anywhere in the world today.  There are those struggling to eke out a bare existence in a barren land who have never heard of free enterprise, but who cherish the idea of independence.  There are those who are grappling with overpowering problems of illiteracy and ill-health and who are ill-equipped to hold free elections.  But they are determined to hold fast to their national independence.

In 1861, Abraham Lincoln spoke in this hall, [paying] a brief but eloquent tribute to the men who wrote, who fought for, and who died for the Declaration of Independence.  Its essence, he said, was its promise not only of liberty ‘to the people of this country, but hope to the world…hope that in due time, the weights should be lifted from the shoulders of all men, and that all should have an equal chance.’  

 The theory of independence is old as man himself, and was not invented in this hall.  But it was in this hall the theory became practice; that the word went out to all, in Thomas Jefferson’s phrase, that “the God who gave us life, gave us liberty at the same time. 

 When word first came out that the United Colonies were henceforth free and independent States, it didn’t stop at this country’s borders.  As if carried on the wind, it flew across oceans and over mountains.  It rang in valleys and swept across desert plains.  It penetrated walls and fortresses and iron curtains.  It launched revolutions and birthed democracies.  It was a trumpet call that reached every corner of the world – one that still echoes to this day.

When we celebrate the Fourth of July, we’re observing more than just our nation’s birthday.  We’re commemorating an event that shook the world off its old axis.  We’re participating in a grand, ongoing experiment.  An experiment to maintain, to protect, to uphold certain truths – that all people are created equal.

This Independence Day, take a moment to reflect as you celebrate with your friends and family.  When you look to the skies and see the first glint of rockets reflecting in the eyes of those around you, ask them if they hear it too.  The trumpet call.  The sound of liberty.  The reverberating promise of hope that is still America.

Because on this special day, there’s no sound more beautiful.

On behalf of all of us at Hudock Capital Group, we wish you a safe and happy Independence Day!


Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J.Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

Remembering the Brave People Behind the Names… May 24, 2018
Downloads: Remembering-the-Brave.pdf

Lexington and Concord.  For some people, these are simply names out of a history book.

But there’s a funny thing about history: When you look closer, new names start to appear.  It’s like holding a magnifying glass over a photograph, seeing details leap at you where there were none before.  The same is true for the Battles of Lexington and Concord.  Look closer and other names will soon emerge.

Names like Isaac Davis.

An early Patriot
Isaac Davis was a gunsmith from Acton, Massachusetts.  An early Patriot, Davis was so respected by his comrades, he was elected captain of his local company of Minutemen, a volunteer militia famously required to be ready for action at a minute’s notice.

As tensions worsened between the colonies and the British, Davis worked hard to prepare his unit.  He ensured every man had the proper equipment, which was rare, as few Minutemen had been professional soldiers.  And he trained relentlessly on proper marching and marksmanship.  As a result, there were few companies as well-prepared as his for the coming fight.

A fight that would take place in the spring of 1775, on an old bridge near the town of Concord.

“I haven’t a man afraid to go.”
The shooting started in nearby Lexington, prompting several Minutemen companies from the surrounding area to turn out in response.  Davis heard the news just after sunrise.  By 7:00 AM, he had his company formed and ready to march.

Just as they were about to leave, Davis called for a halt.  As his men looked on, Davis dashed back to his house.

“Take good care of the children,” he told his wife.

Two hours later, Davis reached the bridge near Concord where the other Minutemen had assembled.  Davis arrived last, finding his fellow captains debating what to do next.  At least a hundred British soldiers were just across the bridge, and more were in Concord itself, searching for supplies and burning what they found.

When the Americans saw the smoke, they made their decision: It was time to launch an attack.  The question was, who would lead it?

Davis stepped forward.  “I am not afraid,” he said, “and I haven’t a man afraid to go.”

The shot heard round the world
The Minutemen advanced on the bridge in a column of two abreast.  At the head of the column was Davis.  Years later, many of his friends would recall that Davis seemed to have premonitions of what would happen next.  Yet true to his word, he was calm, confident, and unafraid.

Across the bridge, the British watched in awe.  No one had expected a group of volunteers to march with such precision.

Panicked, a British soldier fired a shot.  Decades later, Ralph Waldo Emerson would immortalize it as “the shot heard round the world.”  The shot that would truly open the Revolutionary War.  The shot that would pave the way for democracy and popular government, changing the world forever.

Thinking they’d been ordered to fire, the other British soldiers launched a volley of musket balls.  Leading the advance, Isaac Davis was among the first hit.  The round passed through his heart.  He died as he fell, but his work outlived him.  His company returned fire, their accuracy stunning the British into an immediate retreat.  It was the first American victory.

It would not be the last.


Our history books are filled with distant names like Concord and Okinawa, Gettysburg and Inchon.  But look closer and you’ll see the names that truly matter…the names of people who gave their all.

Memorial Day is a chance for us to look closer.  To see that our country isn’t just made up of words on paper, marble-clad buildings, or pieces of cloth.  It’s made up of people.  People who all contributed, in their own ways, large and small, to the building of our nation.  People with stories.  People who trained.  People who told their partners, “Take care of the children.”  People who said, “I am not afraid to go.”

People like Isaac Davis.

This Memorial Day, let’s remember the names of as many of those people as we can.  Whether it’s cracking open a history book or walking amidst the headstones of the local cemetery, let’s look a little closer at all the men and women who were unafraid to go.

We wouldn’t be here without them.


Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J.Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant

Tariffs and Trade March 9, 2018
Downloads: Tariffs-and-Trade.pdf

Please open your economic textbooks to page forty-seven, class, because it’s time to talk about something you probably haven’t thought of since college: tariffs.

On Thursday, March 1, President Trump announced a new plan to institute a 25% tariff on steel imports and a 10% tariff on aluminum.1  Like so many things these days, the response was radically different depending on who you talk to.  More on that in a moment.

Traditionally, tariffs are something most of us don’t have to think about, especially as tariff levels in the United States have been low for decades.  But for investors, President Trump’s announcement has the potential be very significant.  Why?  Because of the possibility that it could spark a trade war.

Should a trade war actually happen, it could have a major impact on investors.  To understand why, let’s have a short Q&A session.

What are tariffs and why do they matter?

Since it’s probably been a while since your Economics 101 class, let’s quickly cover a few basics.

To put it simply, a tariff is essentially a tax on imported goods and services.  Tariffs can be levied on almost anything: metals, foodstuffs, products, etc.  Historically, tariffs are most commonly used when a country wants to protect certain industries within its own borders.  For example, the Tariff Act of 1930 was designed to protect farmers by increasing the cost of importing agricultural products.  By making it more expensive to import crops from other countries, people would be forced to buy mainly from American farmers.  This is known as protectionism.

Once upon a time, tariffs in the United States were both high and common.  But after World War II, average tariff rates dropped significantly, and have stayed low ever since.  In fact, since the 1970s, the average tariff rate on imports has been well under 10%.2

So are tariffs good or bad?

Remember how I said the response to President Trump’s announcement was radically different depending on who you talk to?  That’s because a tariff’s effects can vary wildly, too.

Tariffs can bring two major benefits:

  1. Because tariffs are a kind of tax, they can bring more revenue to the government.
  2. Tariffs, and protectionism in general, can be a major boon to certain industries – including the workers within those industries. In this case, the U.S. steel industry would benefit from a 20% tariff on steel, because it means more people are buying from them instead of their competitors overseas.

You can see why the idea of tariffs can be attractive for many people.

Unfortunately, tariffs can also cause some very negative side effects.  Specifically:

  1. Tariffs can make life more difficult for consumers, whether they be individuals, families, or businesses. That’s because higher tariffs often lead to higher prices, which in turn lead to higher expenses.  For example, if companies must pay more for the steel they need, that could significantly eat into their own profits.
  2. Higher tariffs can lead to trade wars.

Okay, so what is a trade war, anyway?

We live in a global, interconnected world.  Toss a stone into the water off one shore and the ripples can be seen near another.  In this case, higher tariffs can cause some very large ripples.

When one country raises tariffs on a certain kind of product, other countries that depend on exporting that product won’t take to it kindly.  As a result, those countries might retaliate by increasing tariffs on their imports, thereby harming the first country.  Before you know it, tariffs become weaponized and a trade war breaks out.

Trade wars are risky things, because they can quickly jump from industry to industry.  Let’s take the current situation as an example.

After President Trump announced his plan to raise tariffs on steel and aluminum, the European Union threatened to do the same to U.S. imports – everything from motorcycles to bourbon to bluejeans.3  Other countries like Japan and Canada, which are both major steel producers and important trading partners, have threatened similar measures.  Should all this happen, the currents of international trade will quickly become choked.  That would lead to higher prices on many goods and services, which in turn would lead to lower profits, higher costs of living, and even – potentially – higher unemployment.

Should all those things happen, the markets will surely suffer.  As an investor, you don’t need me to tell you what that means.

So why did President Trump decide to raise tariffs?

For decades, the United States has seen a worsening trade deficit with many countries.  In other words, we pay more for importing their goods than they do for ours.  According to the Wall Street Journal, the U.S. “ran a global goods deficit of $810 billion” in 2017.4  One of the president’s most long-standing campaign promises was to address that deficit.  It appears that tariffs, along with renegotiating certain trade agreements, like NAFTA, are his tool of choice.

Geopolitical economics is a loaded topic, and there’s a lot of disagreement out there about causes and effects.  Again, tariffs can unquestionably bring lots of advantages, and there’s no question the United States is on the lower end of a trade imbalance with many countries.

At the same time, there’s also no question that Trump’s announcement has spooked both the markets and the global economy.  The Dow fell more than 400 points on the day of the announcement, and continued to fall the next day.5  Many world leaders have already warned about a trade war being a very real possibility.  Even many Congressmen in President Trump’s own party have spoken out against the prospect of higher tariffs.  This isn’t surprising, because the Republican party – or at least a large percentage of it – has traditionally been very much in favor of free trade.

As I’m not an economist, it’s not really my place to decide whether protectionism is good or bad.  It’s worth noting, however, that a trade war did break out the last time the U.S. raised tariff rates this high.

The Tariff Act of 1930, or Smoot-Hawley Tariff Act, raised tariff rates to their second highest level in U.S. history.  These days, economists generally agree that the resulting trade war worsened the Great Depression.  (What no one seems to agree on, though, is by how much.)  On the other hand, the United States is in a very different position in 2018 than it was in 1930.  Back then, the Great Depression had long-since started.  These days, our economy is much stronger.  That makes it hard to predict how hard a trade war will hit.

What happens now? 

 There are still so many things we don’t know.  For instance, we don’t know if President Trump will actually go through with his plan.  If he does, we don’t know if the tariffs will apply across the board, or if they’ll only be levied against certain countries.  (This is something many of his advisers are recommending.  If our closest allies are exempted, then the effects of a trade war would likely be minimized.)  And we don’t know what other nations will do in response.

What we do know is that the possibility of a trade war can have a substantial impact on the economy and the markets.

At the moment,  I don’t believe we need to take any action.  Back in February, the markets took a hit due to the threat of inflation and rising interest rates – and then recovered.  While the markets dipped slightly in response to President Trump’s announcement, it’s far too early to make any changes to your portfolio.

However, this is why my team and I keep such a close eye on what’s going on in the world.  Part of my job is to keep you informed of any ripples in the water so that you always stay afloat.  It’s impossible for me to say what’s going to happen next, but I’ll tell you this: We’ll always be here keeping our hands on the tiller.

In the meantime, please contact me if you have questions, or if there’s anything I can do for you!


Barbara B. Hudock, CIMA®, CPM®
Chief Executive Officer
Founding Partner

Michael J.Hudock, Jr., CPM®
President and Founding Partner
Wealth Consultant


1 “Trump to Impose Steep Aluminum and Steel Tariffs,” The Wall Street Journal, March 1, 2018.

2 “Average U.S. tariff rates, 1821-2016,” U.S. International Trade Commission,

3 “U.S. allies around the world steel for Trump tariff tussle,” The Wall Street Journal, March 2, 2018.

4 “Trade Wars Are Good, Trump Tweets,” The Wall Street Journal, March 2, 2018.

5 “U.S. Stocks Tumble After Trump Announces New Import Tariffs,” The Wall Street Journal, March 1, 2018.

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