The uncertainty is not in the US. The uncertainty is in the global reserve currency that is used to price every transaction and structure terms of every contra

The uncertainty is not in the US. The uncertainty is in the global reserve currency that is used to price every transaction and structure terms of every contract. The tariff panic is the straw that broke the back of an already over stressed, over leveraged system. If equities are doing 'well' it's because some of the really strong companies may be able to persevere through all the chaos. I don't think most people will be able to predict which companies those will be. With money itself broken I wouldn't want to hold onto too much physical cash or bonds. There will be many sovereign defaults (or money printing - which is just as much of a default). Gold and bitcoin will still exist after we get through this chaotic period and therefore many people are rotating into those assets.