Self-styled ‘Tariff Man’ shocks Wall Street with tariffs

It’s been fairly frequently remarked that markets seemed to believe that Donald Trump would do all the stuff that markets liked, and none of the things that markets don’t like. Well, we now know how that turned out.

As a reflection of just how suddenly Wall Street analysts have had to scramble to adjust to reality, Standard Chartered’s (presumably pre-written) Sunday Macro Strategy note said that “broader tariff concerns have come off the boil slightly as Trump appears heavily focused on domestic issues in his first few weeks”. Whoops.