Executive Summary:
Trump’s Tariff Turmoil has put the world on edge. A new world order may be the ultimate result, but for now we’ve got the New World Disorder, leaving everyone scrambling to adjust to Trump’s unpredictable policy pivots. The economic fallout is uncertain. The uncertainty is keeping Wall Street on edge. It’s keeping US trading partner nations on edge. It’s keeping YRI on edge. Today, Dr Ed reviews the timeline of Trump’s tariff proclamations; Trump’s frustrations with a Fed chair who won’t be cowed and can’t be fired; the mid-turmoil expectations for GDP, inflation, corporate earnings, and stock valuations; and the economic impacts of Trump’s tariffs on China and Europe. … Check out the accompanying chart collection.
On Edge I: Trump’s Tariffs.
Everyone is on edge. That’s because President Donald Trump seems to be upending the Old World Order. So far, the result has been the New World Disorder, with a less clear distinction between America’s friends and foes. Under Trump’s America First policies, the US seems to have become a less dependable ally.
Henry Kissinger once said that “America has no permanent friends or enemies, only interests.” Yet Kissinger undoubtedly would have agreed that it is in America’s interests to have as many allies as possible. Trump doesn’t seem to share that world view. His is that America’s allies must accept that America’s interests come first before their own because the US is the world’s military and economic superpower.
Currently, global trade relations are being stressed by Trump’s ...
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