4.16.25 A Page in the Tariff Playbook
Playbook Summary:
• Headline risk is especially acute during periods of uncertainty.
• Some countries, like Germany, are more vulnerable to trade wars than others.
• Broad-based tariffs create more economic inefficiencies than specific tariffs on emerging industries.
• Trade uncertainty could delay capital spending, as was the case in the months preceding the election.
• The fluidity of exceptions makes it difficult to forecast inflation, creating volatility in fixed income markets.
The Man Who Moves Markets
Apparently, President Trump is a man who can move markets, both to t
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