Trump’s Extremely Dangerous Tariff Game

"Treasury Secretary Scott Bassent has also indicated that there is no backing down. This is the plan and they're sticking with it. They are willing to vulker themselves, aka take that short-term pain for long-term gain."

"it's not some kind of short-term negotiation tactic, although deals will be made, but actually more like the beginning of a new financial order."

"He said this is the beginning of a process and that we are going to reindustrialize. He talks about making things about economic security. And here's a key point for you. He also says Wall Street has done great. It can continue doing well, but its main streets turn. Sounds pretty clear. The priority right now is not to pump anyone's stock portfolio. That'll come later."

"Bent said this at the Manhattan Institute. He said, 'I could see in the next few years that we are going to have some kind of grand global economic reordering, something the equivalent of a new Breton Woods moment...' "

"Trump may not be prioritizing the markets, but when it comes down to it, he can't screw them up for too long or too badly either... the Trump team and Fed have many degrees of freedom to pivot toward progrowth policies and all the stuff they want to pull off for the bottom half of the country doesn't work if they cause a giant recession, great depression."

"Howard Marks, who said in a Bloomberg interview that what's occurring is probably the biggest change of his entire career as it's a shift away from globalization and free trade and a major shakeup of the total global world order."

"British Prime Minister Kier Starmer... also came out and stated that the world has changed. Globalization is over and we are now in a new era."

"Old anchors, old patterns mean revisions may not be as reliable as you'd like them to be."