Could Wilbur Ross (Gulp) be Right about Tariffs?

Could Wilbur Ross be Right about Tariffs? The Dow (DIA) dropped 700+ points and the S&P500 (SPY) went negative on the year. And it seemed rightfully so. We already have the steel tariff, and yesterday President Trump announced tariffs on China for goods that could total up to $60 billion. But cool headed octogenarian Wilbur Ross said don’t worry, they may retaliate, but it won’t be much. And do you know he was right? Overnight China announced retaliatory tariffs on only $3 billion of US goods. We also learned that some EU countries are exempt from the steel tariff. So until the next shot is fired (likely from an emboldened Trump), the market looks like it overreacted yesterday. The futures seem to agree as they have wiped away their large overnight losses, and the DOW looks to open up.