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Don Luskin notes that if you strip out the Mag 7 from the S&P 500, “the S&P 493 remains unchanged!” He stresses, “Things aren’t as bad as they feel.” He thinks the Supreme Court could overturn Trump’s tariffs and says he’s not a fan of tariffs in general, as they’re just another form of tax. However, putting them in context, he argues that Trump’s proposed tax cuts outweigh the costs of the tariffs. He also covers the Fed and what he thinks Powell will do next.