My back-to-work morning train WFH reads:
• Where We Stand: The Fiscal, Economic, and Distributional Effects of All U.S. Tariffs Enacted in 2025: Through April 2 The Budget Lab modeled the effect of both the April 2nd tariff announcement in isolation and all US tariffs implemented in 2025. The April 2nd action is the equivalent of a rise in the effective US tariff rate of 11 ½ percentage points. The average effective US tariff rate after incorporating all 2025 tariffs is now 22 ½%, the highest since 1909. (Yale Budget Lab)
• No One Wins a Trade War: Protective tariffs risk triggering a cycle of escalation that ends well for no one. (The Atlantic) see also see also Why the Tariff Damage Can’t Be Undone: President Trump’s tariff shock is forcing a reassessment by countries on how to respond and pushing investors to revise assumptions about profit margins, investments, and inflation. (Barron’s)
• If You’re Nearing Retirement, Here’s What to Do With Your Money Now: Market downturns like this one often tempt people to make rash decisions, but it is better to have a plan. (Wall Street Journal)
• Trump’s self-inflicted tariff crisis sparks confusion, chaos and questions of competence: Bad things can happen when presidents seem to lose their grip on reality. After a day of stock market shocks and global recriminations, there are reasons to question whether President Donald Trump fully grasps the consequences of the tariff barrage that he used to fire up a global trade war. “I think it’s going very well,” Trump told reporters Thursday, in the aftermath of his “Liberation Day” announcement the day before. (CNN)
• How Has Private Credit Affected Valuations Across Debt Markets? Investors can access a more diversified menu of credit investments, but due diligence is key—especially in thinly traded markets. (CIO)
• Who Will Be the Next Larry Fink? Fidelity and GSAM are among the managers using an emerging approach to active that could be as disruptive as BlackRock’s deal for iShares. (Institutional Investor)
• I Quit Google Search for AI—and I’m Not Going Back: Ads and search-optimized junk made a mess of the go-to engine. Now ChatGPT, Perplexity, Claude—and even Google’s own AI—do it better. (Wall Street Journal)
• Why are car headlights so blindingly bright now? Bright headlights can make it easier for drivers to see the road. But there’s a dark side. (Vox)
• These Tariffs Won’t Stand—Make Political/Electoral Hay Now. If you’re running for Congress or considering running for Congress or know someone who is doing either, this message is for you. Presidents have no power over tariffs. Full stop. It’s not like war powers or pardons. Trump can only do this because Congress gave Presidents this power, as I explained in the a post yesterday. Congress can take it back at any moment. Given the minuscule Republican hold in the House, that means that every GOP representative is literally and personally responsible for these tariffs and their consequences. Every single one. (Talking Points Memo)
• Bruce Springsteen will release seven new albums in June: The singer announced the June 27 release of “Tracks II: The Lost Albums” and dropped the track “Rain in the River.” (Washington Post)
Be sure to check out our Masters in Business this week with Lisa Shalett, Chief Investment Officer and head of Global Investment Office for Morgan Stanley Wealth Management, with more than $100 billion in assets under management. She leads the development of all asset allocation models, global investment due diligence and portfolio analytics, and oversees the Global Investment Committee’s models and Outsourced Chief Investment Office mandates.
Trump Tariffs: The Economic Impact of the Trump Trade
Source: Tax Foundation
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