This market has been trying to digest a series of unexpected policy disappointments. Most corporate executives thought we would be getting tax cuts, deregulation, and a business-friendly environment. Instead, we have gotten April 2nd Liberation Day tariff announcements.

With tariffs, we have seen two big issues:

First, it’s GOALS. What is the purpose of these tariffs? Why are we implementing them? Towards what ends? Are we changing our global relationships, alliances, and trading partners? What are we hoping to accomplish?

Second, the METHODS. How are we implementing these tariffs? What’s the methodology for deploying them? How transparent are we communicating our intentions to our trading partners and citizens?

The goals and the implementation methods have been, at best, opaque and confusing. Definitely clumsy, somewhat amateurish. April 2nd revealed that the president and his economic team do not truly understand how global economies and trade work. Their calculations of tariffs were

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