MARKET CALL: Trump's Reign Of Tariffs Ain't Over

Trump’s Tariffs I: More Tariff Turmoil.

It’s July. Back in March, we expected that Trump’s Tariff Turmoil (TTT) would become less tumultuous by the end of the summer. We figured that President Donald Trump would start to declare victory in his trade war with the world. We figured he would start to move on to other issues to reduce the risk that his trade war would cause a recession in the US. The political calendar shows that the congressional mid-term election campaigns will be starting in the not-too-distant future. Trump needs a good economy to increase the odds that the Republicans will hold onto their thin majorities in the House and the Senate come November 2026.