According to The Kobeissi Letter, US Treasury Secretary Bessent's description of the trade situation with China as an 'embargo' has caused stocks to pare gains, leading to heightened market volatility. Traders should monitor this situation closely as it may impact market dynamics and trading strategies.

According to The Kobeissi Letter, US Treasury Secretary Bessent announced a new 54% tariff rate on Chinese imports, combining the existing 20% tariffs with an additional 34%. This development could lead to significant impacts on trade balances and increased market volatility as traders anticipate potential retaliatory tariffs from China.