Wall Street is terrified about Trump's tariffs, but it needs to cool off and look at the big picture

There are three main reasons why this and other major U.S. market selloffs connected to the trade war are overblown, even for the companies and consumers that have more relative China exposure, Jake Novak writes.

. That's less than 0.6%. Oh, and Caterpillar also posted a profit and increased year-over-year sales and revenue.

. The same is true for companies like GM and Ford. The tariff costs are hurting, but not in a serious way on a percentage basis relative to their total costs.Now, let's look at how China has retaliated with tariffs and new trade barriers of its own. The conventional wisdom on that front was that U.S. manufacturers could take a serious hit from that retaliation.

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