Less than a week after all-time highs for stocks, uncertainty is starting to take a toll.
Donald L. Luskin
Tariff the World. Save the World.
Friday, February 14, 2025
Trump’s “big one” is a game-theoretic optimum in the prisoner’s dilemma of trade.
There You Go Again: Steel and Aluminum Tariffs
Monday, February 10, 2025
The 2018-2019 tariffs began with steel and aluminum, and prices ended up lower.
On the January Jobs Report (and Tariffs)
Friday, February 7, 2025
Revisions, benchmarkings, adjustments (and weather). This miss is a strong jobs report.
They Called His Bluff on Tariffs
Sunday, February 2, 2025
They still may not happen. But if they do, it’s a $256 billion tax hike someone will pay.
On the January FOMC, and The Briefest Word on DeepSeek
Wednesday, January 29, 2025
The FOMC took out the “progress on inflation” language. Powell built it back in.
How Much Do Tariffs Matter?
Tuesday, January 28, 2025
Their economic effect is minimal, but reordering the world-trade system would be dangerous.
What is Trump’s Mandate? On Day One, It’s Not Tariffs
Tuesday, January 21, 2025
In a firehose of Day One policy moves, Trump is handling tariffs with appropriate caution.
On Bessent and Tariffs
Friday, January 17, 2025
Extending TCJA is job one. Tariffs appear to be only a revenue-raiser.
On the December Jobs Report, and How the Fed is Trumping Itself
Friday, January 10, 2025
The Fed doesn’t care about jobs now. Instead it is diving down a Trump tariff rabbit-hole.