Appropriately for the month of March, the Trump Administration’s tariff plans that started the week like a lion have rapidly showed signs of transforming into more of a lamb. Markets reacted predictably to Tuesday’s imposition of 25% across-the-board tariffs on our closest trading partners Canada and Mexico, and an escalated 10% incremental tariff (for a total of +20%) on Chinese imports. The Fed’s GDP forecasts swung hard towards indicating a contraction, in part because of weak consumer spending in Jan. due to the fear of uncertainty. Stock prices slipped sharply on ... Log in to view full article.