This commentary was written prior to the release of the tariff news of the U.S. Yet, as the numbers equated to a ‘left tail risk’ event, we’ll start with this addendum to our monthly note below this paragraph. Given the irrational formula for these announced tariffs of America’s trade deficit with a country divided by its total imports from that country then, get this, divided by two, it’s clear that President Trump merely assesses tariffs as a blunt instrument enabling him to force other countries to do whatever he wants them to do. Who knows what the future will bring, be it Trump walking them back or reciprocal tariffs by targeted countries on areas that could include the service revenue of the M7. Yet, two things are clear.
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