Ever since President Trump unveiled the giant poster sign on Liberation Day, there have been two competing theories about how it turned out. Economists warn that tariffs of 15% to 50% will ultimately be paid by consumers. The White House, on the other hand, insists the tariffs are essentially free money for the government and that they will lower prices by bringing foreign investment back to the United States. Serious investors have never believed in an overly optimistic view of a trade war, but they are baffled by what appears to be an irresistible situation for U.S. stocks. […]
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