Look, I'm not an expert, but just as I was getting some sort of grasp on shit, he then changes things again. Are the tariffs gone? Not really! There are still 10% tariffs on pretty much everyone, large tariffs on Canada and crushing tariffs on China. Yet markets were so desperate to believe that he was actually going to rescind his tariffs, that they seem to have rallied...yet I can't really say why.
I suppose the idea is that he sorta repealed his tariffs when the markets gave him unmitigated bad news, especially the bond market, so he will repeal tariffs further when he gets further bad news. In other words, they are looking at the insanity of the past week and saying, "Well, he seems sane now" when he, in fact, is still fucking bonkers.
The president of the United States has arrogated to himself great and unconstitutional powers and he is waving them around like a kid with a sparkler - or more aptly, a lunatic waving his penis at the passing traffic.
This move may or may not have calmed the bond markets, but I still think this manic uncertainty tips us into a recession; a recession we were already likely headed to anyway.
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