Latest Tariff Talk Isn't Spooking Markets. Get It?

In a development that didn’t surprise us in the least, tariff talk returned to headlines last week. Chiefly, President Donald Trump’s administration unveiled two “new” tariff threats and appealed a March court ruling ordering it to refund all tariffs paid under policies deemed unconstitutional by the Supreme Court (SCOTUS) in February. Headlines responded noisily, speculating on what each means for the economy and markets. Here we will take a brief dive into the “what” and “why” for each, but most importantly, we doubt they mean much for markets in the near or longer term. Stocks are showing—and have shown—they have long since dealt with tariffs. It would take an epic shock to change that, and nothing we have seen comes close. Read Full Article »