The world of business and markets and trade and economics and human behavior is and has been and will forever be a fascination to me.

From the WSJ: … One illusion that’s bursting is that Mr. Trump is imposing tariffs in the cause of free trade. He’s imposing tariffs because he likes them as an economic policy. … There’s a mood of triumphalism in MAGA circles because the sky didn’t fall after Mr. Trump announced the highest tariffs in memory on April 2. But he retreated from that fiasco after a financial market panic. (my bolding) Mr. Trump’s tariffs on present course would take $300 billion in border taxes from the productive economy this year, and he seems bent on going higher. That’s an anti-growth tax increase, and an arbitrary one…

To many, me included, $300 billion (with a “B”) seems like a lot but in the context of the deficit, a trivial sum. As a percentage it is not even a rounding error.

More from the NYT: …Economists expect the tariffs, which Mr. Trump sees as a way to revive American manufacturing and add revenue to the federal budget, will reduce U.S. imports. American companies, as well as their business partners abroad, would suffer lower profit margins as the government levies are split between consumers, importers and exporters. Firms would be left with less money to pay wages and invest in their growth.

There are two sides to every coin.

(6/6/25) Meanwhile, Trump Coin, the meme cryptocurrency backed by the president, was down 12% in afternoon trading. Today coin is trading for about $8.50 each.

What does any of this mean? The takeaway seems to be America is already great. There is no AGAIN needed. As capitalists extraordinaire we will bet on anything. The market for anything and everything exists. Follow your passion. Or simply keep your money in your pocket.

Recommended reading – “The World for Sale” available on Amazon.

Carpe Diem.