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Before the trade war, most of the developed world already had tariffs close to zero.
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I graded the tariffs on the five things the administration itself said they'd achieve: leverage, deficits, factories, security, revenue⁣
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Rising bond yields aren't a crisis. Nothing here looks disorderly, nothing says big trouble is coming tomorrow.⁣ ⁣ But it will still touch your life. That can look like higher rates on mortgages, car… | Justin Wolfers
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Scott Bessent was asked why the threat against Iran wasn't followed by real action, D-Day style. His answer: he didn't want to blow up the global financial system.⁣ ⁣ That's a reasonable position for… | Justin Wolfers
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Kevin Warsh, asked point blank if he's ever disagreed with the president: no.⁣ ⁣ The same president who just said he wants rates cut by 3%.⁣ ⁣ So which is it? The inflation hawk from his old… | Justin Wolfers
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