- Tarriffs are not just a negotiating tool for Trump
- Trump has wanted to bring manufacturer back to the US for decades
- Tarriffs are a way to do this while lowering the deficit and keeping tax credits
- Stock market is underestimating this, particularly the largest stocks in the S&P500
- In the short term this is distrupive means growth could slow, so he is bullish bonds
- Medium-term, building manufacturing is bullish for US growth