Indeed — as some friends and colleagues have stressed to me in response to my persistent whining over the perniciousness of protectionism — tariffs may very well be simply the negotiating tool of choice by the Trump Administration. Nevertheless, per the 54-second clip below, JP Morgan’s chief quantitative strategist agrees that they pose a “headwind” (in my view THE headwind) and finds them to be literally the number one “discussed topic” (read worry) among corporate America. He also stresses, as our analysis suggests, that good things are likely to happen if/when that headwind abates (provided general conditions hold up in the meantime):
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