BLUF: Tariff Trouble

It’s impossible to lead this week’s newsletter with anything besides tariffs. We’ve resisted flooding the BLUF with every twist and turn in recent months, but after President Trump declared “Liberation Day” shortly after markets closed last Friday, the topic became truly unavoidable.

So as the dust settles, and investors, trade officials, and world leaders exhale following yesterday’s 90-day reciprocal tariff freeze, the global ledger for the Trump Administration is pretty clear: it’s everyone on one side, and China on the other. Planned or unplanned, that outcome creates a stark new reality in the China-US relationship that cannot be ignored. 

Whether you supported the tariffs, or call yourself a “PANICAN” it’s hard to deny the impact: U.S. trade is once again the focal point of global geopolitics, and friends and foes alike are scrambling to get the White House on the line. But make no mistake, this isn’t over and it won’t be over in 90 days or frankly, any time soon. Trump is attempting to reshape the international order to his liking and Beijing will remain characteristically obstinate—unlikely to concede. 

So what’s our recommendation for keeping up? Bookmark this tariff tracker from The Atlantic Council, because our guess is that the twists and turns are not over yet. 

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