Full steam ahead

The Donroe doctrine is going full steam: (1) President Trump just announced a 25% tariff imposed on any country that trades goods and services with Iran. Immediately after, China complained about the tariff arguing that you cannot imposed unilateral sanctions like that. I guess the negotiations with China have reached a dead end. (2) Perhaps it’s a head fake move, but Rep. Randy Fine (R-FL) introduced the "Greenland Annexation and Statehood Act" yesterday, authorizing President Trump to negotiate with Denmark for Greenland's acquisition as a U.S. territory, followed by expedited statehood, reviving Trump's 2019 purchase proposal rejected over sovereignty concerns. The bill still has no votes and likely little support after Trump’s take on Powell, but it’s a signal that the interest in Greenland is serious. Secretary Rubio's scheduled White House meeting this week with Danish and Greenlandic officials underscores escalating U.S. interest in the island's rare earth minerals and control of Arctic shipping routes amid climate-driven access. Marketwise, the numbness is revealing some underlying issues with the Mag 7. In 2025, only Google and NVDA beat the S&P500, and YTD2026, they’re underperforming, which is concerning since they represent 34% of the S&P500 and 53% of Nasdaq100. China is pressuring these companies through Deepseek, saying they can achieve AI training targets with 2% of the costs. Earnings season has begun already, so we will see what CEOs have to say about that. Indices and Mag 7 are still close to ATH, and still very expensive.

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