Fee Fi Fo Dumb

Every day, the news seems to get 25% more stressful. And so it was today as Trump’s much anticipated trade war with China and US allies Canada and Mexico arrived with a boom (and then a bust). “U.S. President Donald Trump’s new 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with a doubling of duties on Chinese goods to 20%, sparking trade wars that could slam economic growth and lift prices for Americans still smarting from years of high inflation.” You didn’t need to read the news become aware of the new tariffs, you just needed to check your stock portfolio. U.S. stock markets plunge as Trump’s tariffs spark fears about a trade war.

+ Vox: Two hugely important questions about Trump’s trade war. “In the short term, Americans will likely see higher prices on many products or goods that are imported or are made with imported components, from cars to electronics to agricultural products to gasoline (the US imports Canadian crude oil). Meanwhile, American companies that export their products to these countries, such as the agriculture industry, will take a hit from retaliatory tariffs. But where this all is headed in the longer term is far from clear, and will depend on two major questions. First: what exactly is Trump’s preferred endgame for his trade war? And second: How bad will the economic fallout at home be?” (And third: Why won’t my broker return my calls?)

+ Canadian PM Justin Trudeau describes Donald Trump’s tariffs on his country, as well as China and Mexico, as “a dumb thing to do.” (One pattern to note: The administration seems determined to do things to prop up our enemies while implementing policies – and throwing endless shade – to harm our allies.) Here’s the latest from BBC and CNBC.