Problem? What problem?

All the fanfare and market-pumping aside, to the extent that tariffs are the problem, phase one barely scratches the surface.

Average tariff on Chinese goods before phase one, 21%. After, 19.3%. Before the trader war, 3%.

Click each insert below to enlarge...



"Problem? What problem you ask? The economy's in fantastic shape!" 

Well, typically, when the economy's in "fantastic shape" it reflects in the shipping of goods and services. 

According to the organization that tracks the data, well... yes, there's a problem. 

Our graph updated with today's release of the December Cass Freight Index (red areas denote past recessions):


Here's from the report: