Stephen Miran (2024), one of Trump's econ advisors and tariff advocate, warned us. Unless tariffs come in "coordination" with allies and the Fed, expect "adverse" material consequences. Guess what. There is no coordination. Instead, allies are targetted, and the Fed, bypassed. Result: Turmoil

The Trump Doctrine: for my trade partners, sanctions. For autocrats, let’s make a deal (no worries, we won’t talk human rights).