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‘Raising Hell’
The first of this week's top-tier US macro data was underwhelming, at best.
No one expected a robus
As you’ve been noting, it is becoming clearer that Trump’s tariffs are mostly a stealth consumption tax designed to fund the tax cuts for those lucky enough to be in the top brackets and well as corporations. A stealthy version of the Calvinist national sales or VAT tax proposals from 10 years ago were widely rejected.
I do think that Trump’s love of tariffs did stem from his long-held belief that the US was being “victimized” by evil foreigners. The fact that they might help fund the Big Beautiful tax cuts are a welcome bonus.