This Week's Tariff Talk Is a Lot More of the Same

After a mid-autumn respite, tariff talk returned with a vengeance this week. In just two days, President Trump said he will remove Argentina's and Brazil's waivers from steel and aluminum tariffs, threatened a 100% tariff on select French goods, walked back said threat and warned Chinese trade talks may drag beyond next year's election. That delay, of course, would entail the next round of tariffs taking effect on December 15, sparking much angst among investors. Yet for all the chatter, not much has changed, and we don't think any of the latest developments are surprising. They also remain much more a political story than an economic one. We think understanding this likely helps investors remain disciplined.