A Trip to Alaska With San Fran Fed President Mary Daly

Bearish:

• $PORTS - Port infrastructure faces a potential death spiral from tariff increases - as tariffs rise to meet debt obligations, cargo volumes decline, forcing further tariff increases and reducing competitiveness

  • “If we raise our tariffs per ton enough, at some point, some folks who are shipping things that are non time sensitive, new cars... will go, you know, for the tariff, I'm just gonna bring it up on a barge into Whittier, and I'll save the tariff. And then what happens is that then reduces our overall tonnage. We still have to make our debt payment, so we now have to increase our tariffs more. So we're getting into this spiral.”

    Jim·22:08
• $STEEL - Steel industry faces operational challenges despite tariff protection - tariffs have equalized prices between domestic and foreign mills but haven't solved underlying lead time and supply chain issues

  • “So the tariffs balanced it. So I can go to a US mill, I can go to a foreign mill, I'm and gonna pay the same price now with that tariff. But it's the industry that mills geared to and the lead time of that steel. That's the problem.”

    Executive·11:44