Tariff Raff

Before the election, Reid Hoffman wrote of the business risks of making the wrong choice. “American business and commerce rely on the rule of law. Companies can’t thrive where an erratic, vindictive autocrat influences our courts and Justice Department. And they can’t take Trump at his word if he’s shown himself to be a serial liar whose tweets can depress markets.” In short, while CEOs might revel in the idea of fewer regulations and a transactional president, markets still need stability, predictability, and trust. We have none of those now. You didn’t need me to tell you that. Your portfolio is telling you. Trump pauses Canada-Mexico tariffs again, but stocks sink. (Sadly for our stock portfolios, Trump can’t just stabilize the market by delaying or removing tariffs. The market requires stable leadership, not whiplash.)