Trump's New Tariffs Still Represent Very Old News

The Trump administration’s blanket 10% tariff under Section 122 of the Trade Act of 1974 officially expired overnight, but now there is a new sheriff … err, tariff in town. To effectively replace the departed levies, the White House enacted new charges Friday. That follows a new tariff on Canada earlier this week, and more new tariffs likely loom to replace the “reciprocal” tariffs from Liberation Day the Supreme Court ruled unconstitutional earlier this year. Yet markets are decidedly calm about all of this, taking the news in stride without a big pullback. Tariffs’ power over stocks looks officially spent. Read Full Article »