“We’re in a volatility spiral,” Jacob Shapiro says. He expects a global shift ahead, looking at strong declines in trucking & port data. He thinks Trump is “bluffing on everything” because the U.S. risks a “massive economic catastrophe” otherwise. He thinks we could start to see major impacts in 2Q, including empty shelves at the grocery, and into 3Q if we don’t see any deals made in the next 4-6 weeks. He thinks there is a “5%-10% chance of depression” right now.