Mike Townsend offers a Charles Schwab Big Picture perspective on the new reciprocal tariffs President Trump announced. The tagline: "everything's at the first stage," and Mike believes the market will wait to see how the tariffs play out. He notes the president "does not like trade deficits" and uses the tariffs as a tool to clear them. As for Trump's view on interest rates, Mike discusses the clash between the president and Fed Chair Jerome Powell.