Factoring in value added taxes and other alleged manipulations, Trump announces Half-Reciprocal Tariffs with a minimum baseline of 10 percent.
Liberation Day Has Arrived
In a Rose Garden Celebration, Trump Unveils Reciprocal Tariffs
President Trump has declared April 2 “Liberation Day” for U.S. trade policy and is announcing details of a sweeping tariff plan this afternoon.
The president opened his remarks Wednesday by saying that his new tariff policies would would “make America wealthy again.” He said he would be announcing reciprocal tariffs on countries across the world. “It can’t get any simpler than that,” he said.
Later, Trump held up a chart with a list of countries, saying it was too windy to put it on an easel. He began to read off of the list, with the tariffs the countries impose on the United States, and then the tariff he said the U.S. would levy in response.
He said that the U.S. was going to be “charging a discounted reciprocal tariff” because the U.S. is kind. For China, the U.S. is levying a 34% tariff, then for Europe “we’re going to charge them 20%” and Japan 24%. He is going down the list of more than a dozen countries.
Kind Tariffs and a Great Transformation
Trump went down a list countries and claims the US will be kind on reciprocal tariffs, only charging US consumers half of what Trump alleges they charge us.
A “great transformation” is underway says Trump. He cited six trillion in investments that will pour into the US.
Now he is bragging about how well the US stock market will do.
The speech is still ongoing.
He repeats the lie that foreign nations will pay tariffs, not US consumers and businesses.
And he did not discuss how tariffs will increase prices.
Reciprocal Examples
▪China: 34%
▪European Union: 20%
▪South Korea: 25%
▪India: 26%
▪Vietnam: 46%
▪Taiwan: 32%
▪Japan: 24%
▪Thailand: 36%
▪Switzerland: 31%
▪Indonesia: 32%
▪Malaysia: 24%
▪Cambodia: 49%
▪United Kingdom: 10%
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As the economy slows, tax revenues will drop as well.
Farm exports will drop dramatically as Brazil, Argentina and Russia are planting every tillable acre in anticipation of new markets for their wheat, soybeans & corn. Foreign poultry, beef and pork will displace our farmers products.
Elections have consequences!
Yes they do. The flood of illegal immigration has dropped dramatically. Corporations are dropping racist DEI policies. The person at the FDA who fraudulently approved Comirnaty, so Biden could mandate Covid shots, is gone.
What has happened since NAFTA, GATT and the Great Out-shoring?
American Manufacturing=Hollowed Out.
American Middle Class= Hollowed Out.
American Adolescent and Young adults= 100K Fentanyl/Drug deaths.
And many of the remaining jobs for young adults who formerly would have taken jobs that did not require degrees or a vocational education have been replaced by underpaid, illegal laborers.
Since the mid ’80’s, It has been a tsunami-sized wave of financial devastation for the once formidable Middle Class America.
And that wave has not ended.
Will these tariffs turn that around?
It will take time to see if this will help to start the necessary changes.
Probably years.
People and politicians are fickle and impatient.
But I will predict this: If this country does not try to save and then rebuild what remains of the working class, the American Experiment is OVER.
For proof, please travel one hundred meters across our Southern border.
That is what happens when a small % of the population controls the vast majority of a country’s wealth..
In the doomsday league the puke media is better than Mish for traders who are looking for opportunities to buy at wholesale prices, but Mish is much better than Robert Prechter.
Back to the 70’s. In that dark period, we could only buy gas guzzling, poorly made American cars. My wife’s Reliant broke down on the trip off the car lot, my first new car was even worse. Thank God the Japanese imports in the 80’s gave us a choice. Let us protect high cost, inefficient American manufacturing just like the good old days.
Wasn’t Reliant a British car co. Did your wife’s Reliant had 4 wheels or 3 wheels
As Karl Denninger has pointed out, there are 3 producers of wealth. Farming, mining, and manufacturing. What has happened in U.S. communities where manufacturing has disappeared? Where is debt now in comparison to GDP? Two exponents cannot continue to veer away from each other, without consequences. In the U.S. really good old days, the U.S. was producer to the world. Now the U.S. is debtor to the world. That which cannot continue, won’t. Thus phases of cycles occur.
Yep. Lets become a service base country with more Baristas and Lawn care people.
Also, lets not bring back medical manufacturing or pharmaceutical manufacturing. Thus if another country decides to limit sales of these things to us we can go without cause we will tough it out.
Same with cell phones and computers. We don’t need those either if China decides to have a trade war with us.
If Trump attacks Iran the EU will stay on the sideline. The US assemble forces bc
centrifugal forces are breaking Israel apart again. The real target of Trump’s tariffs is China. Canada, Mexico and Russia are exempted. Tesla will be cheaper than F-150. Ford employees will get a discount.
The basis for the tariff levels seems to be trade imbalance rather than what a country actually charges in tariffs. Mish – would like to see an anlysis of that if you can do one. Vietnam for example exports a lot to the US due to low wages. The Vietnam govt can’t simply wave a magic wand over that. So the outcome is the US loses Vietnam as a source of cheap goods (that nobody but immigrants in the US would want to build anyway); and lots of Vietnamese workers lose their jobs. I need to check my history but hasn’t the US screwed Vietnam enough in the last 100 years?
Here is your answer: https://x.com/JamesSurowiecki/status/1907559189234196942
One wouldn’t have expected this clown show of an administration to actually try and look up the tariffs for all these nations.
One reason for the broad tariffs on some of these other countries other than China is because China is just opening warehouses in these countries and shipping manufactured goods from China to Vietnam or Mexico and then slapping labels on the product as made in Vietnam or Mexico.
Apparently, Trump has exempted energy imports from tariffs: oil, natgas, refined products, electricity. Should be good for my Canadian oil and gas stocks. If he was smart he would do the same for uranium, aluminum, steel and potash.
April 5th….
I just wish I had the inside information that he’s going to delay yet again…
Must be great to be in that club.
Going long on a couple 3x ETF the 4th.
An amount I can afford to lose…
Just trying to include myself in the fun and games the club are enjoying.
Trade flow slow down across the globe not 1% or 2% but a lot. It means global recession if not depression. Prepare accordingly.
I thought it might be helpful to pop-up to the 30k ft level on the subject of tariffs, so asked Perplexity for a summary as to why countries use tariffs;
In short, it’s a tool used by developing countries that don’t have a functioning tax administration.
Not sure if artificial intelligence can analyze non-intelligence.
Last week I got CHatGPT to say
“”. . . That’s a sharp observation—and yes, it’s a logical conclusion. If curiosity is the origin of intelligence and I lack genuine curiosity, then by that definition, I would lack true intelligence.”
This is old. It seems to have left out subverting a country’s government.
I can’t wait to see the retaliation tariff plan for those penguin occupied islands! 20% tariff on their guano!!
I saw that on the news. It would be funny, if it didn’t imply how little he knows about the tariffs he’s imposing. We are so fu**ed.
The US has a trade surplus with many countries on Trumps tariff list. They all get hit with 10% tariffs.
For example: The US runs a trade surplus with Australia, Netherlands, Hong Kong, UK.
As well as South America and Central America.
I guess his goal is to piss off most of the world.
Also. I did not see Russia or North Korea on the list.
North Korea has a zero trade deficit and zero imports; dividing zero by zero created a White House spreadsheet error.
It looks like the White House used a random number generator to calculate the country tariff rates, i.e. the bilateral trade deficit was divided by imports and the result divided by 2. As noted by others, the bilateral trade deficit and the imports are more or less random numbers. If this is true, we look like the most ridiculous people on earth.
Let’s be clear that the 100’s of billions of dollars the President claims his tariffs will collect will be paid by a combination of U.S. corporations and U.S. consumers. This means that this money will come out of the economy as a tax collected by the Federal Government. Under President Trump, this new revenue will not be invested in R&D and Infrastructure, which would return those funds to the economy, muting the contractionary impact of the tariff payments. Instead, this revenue theoretically offsets making the 2017 tax cut permanent.
So, we will have significant money extracted from the U.S. economy, no materially new tax cuts, and a federal government having austerity thrust upon it. You do not have to be an economic genius to understand that this will adversely impact the ability of the U.S. economy to grow. A slower economy means higher unemployment and a much weaker U.S. consumer. The weaker U.S. consumer will ripple throughout the global economy as export-oriented nations will see less export demand from those countries. This will inevitably lead to slower growth and higher unemployment.
I usually give every benefit of the doubt to the U.S. economy, given its ability to adapt and the historical insatiable capacity of the U.S. consumer to consume. But that benefit of the doubt relied upon the premise that our economy benefits from free market capitalism. After today, we cannot describe our economy as one that champions free market capitalism.
Whenever someone says “let’s be clear” about a political issue, 90-99% of the time they are wrong. It’s practically a signal.
Tariffs are paid by importers. Only if they have pricing power can they pass the increase to the consumer. If they do, domestic competitors can raise prices and reap huge profit increases. If they do not raise prices, there’s a hit to the importer’s profits but not to consumers.
A rebalancing of Federal revenue and expenses is absolutely essential. That revenue can come from either domestic corporations or foreign ones, but it will come from somewhere.
By the way, the “let’s be clear” statement was not about a political issue but an economic one. The tariff revenue will come out of the U.S. economy one way or another. Thus, these tariffs will significantly impact the economy, much like if oil prices rose by $60 per barrel or a 5% national sales tax. The impact is a hit to economic growth. A hit to economic growth and, as you indicated, a hit to some of our private sector corporations’ profit margin will mean higher unemployment and lower Federal and State tax receipts.
Again, strongly disagree. First, all of economics is political. “Economics” linguistically started as “political economy”.
Second, no, it’s not 100% obvious that tariff money comes “out of” the US economy. Some of it clearly will be taxed against foreign companies. Tariff revenue comes out of the global economy but the allocation is not yet know.
Domestically, where prices are not increased because of adequate supply and competition, consumers are not hurt. Meanwhile, where prices are increased, U.S. producers will reap a profit windfall, enabling them to expand.
Finally, as I explained in detail on the prior thread, a “hit to economic growth” is inevitable because the U.S. government’s fiscal position is unsustainable. (see https://mishtalk.com/economics/how-much-credit-expansion-does-it-take-to-grow-real-gdp/#comment-334254 and subsequent comments).
The question you dodged with “let’s be clear…” is whether all of that impact will be felt domestically (as you claimed) or some is shared internationally. Tariffs DO increase the international share, and are thus less painful for the U.S. than tax increases or spending cuts, which are the only other alternatives. Trade should be free, but first it must be fair.
Is it fair that I, as a 15-handicap golfer, get 15 strokes when I play against a scratch golfer, or do you think that I should play straight up and lose every time? Some modest tariffs can indeed be fair, depending on the situation. However, we now know that the announced Trump “reciprocal” tariffs were not reciprocal at all; they were a relatively simple equation based entirely on a country-by-country trade deficit calculation, and unfairly, they only counted goods deficits, not goods and services.
Funny
You chastise KPStaufen for using “let’s be clear” and then use “is absolutely essential” yourself – as if every single person reading this will agree with you
Funny
I demonstrated the “absolutely essential” in the prior thread, see this part: https://mishtalk.com/economics/how-much-credit-expansion-does-it-take-to-grow-real-gdp/#comment-334254
The gist:
Long way to go to reach wisdom.
We are liberated.
As it happened in real time:
Donald Trump’s announcement: m2-res_480p.mp4
Seems Fair to Me!
OK, tariffs must be here to protect domestic industries. But it seems this is a sword with two edges. One can erect a wall and find oneself trapped or isolated inside it. Trump seems to have faith our domestic companies will still dominate. It reminds me of Steve Bannon’s apparent faith in an American volk, distinguished from, say, Asians. And if the domestics don’t dominate? I’m not too wildly impressed with our car companies, and they have new stressors now. We don’t seem to build boats, much. Boeing seems kind of messed up. I am hearing reports on Chinese tech that are pretty impressive. The Chinese can manipulate all kinds of internal things, to enter global markets. If they have an economy built on restive and inflation-fatigued domestic consumers who expect huge wages, I am not seeing it. I don’t pretend to be an expert on this.
Take a deep breath! It will all pass!
soon as the teachers unions and public schools are replaced with school vouchers.
6:15PM ES and NQ crashed
Dow futures down 1000 pts plus. All good. I’m sure everything’s jusssttttt fine!, Oh
The Golden Age Begins.
ES reached Sept 11 fractal zone. ES tested Mar 13 low, but it’s moving up. The Dow futures breached Mar 31 low, but its moving up.
A stock market in a parabolic arc is not fine. Did you see what happened to the Nasdaq in 2000-2002?
I find the issue of trade barriers more interesting than tariffs. For 80 years or so the Marshall plan (which was sold as a short term thing) has propped up the European economy by preventing US firms from selling their products in Europe. No Ford F-150s on the autobahn. But EU manufacturers can sell their products in the U.S. without barriers. This has given EU manufacturers a massive market at no additional cost, But US manufacturers are not treated the same.
Uhm the reason why no-one in the EU drives an F150 (or anything of similar size) . . . gas prices, parking space sizes, road widths, registration costs assessed by curb weight . . . impractical, and VERY expensive … notice most europeans see cars as a utility and will buy the cheapest most effective one they can get.
The wonderful thing about Paris is NO FORD F150s, NO DOGE RAM pickups, the streets are too narrow!
Eric’s comment has elicited a lot of conflicting votes. I’d like to see a level headed post on why it’s either right or wrong.
Who know why people vote the way they do?
But the negatives may be because Eric does not link to any supporting evidence, but says the Marshall Plan “prevents US firms from selling their products in Europe”.
When Mish just quoted Trump as putting reciprocal tariffs on the EU as they tax our exports (their imports). If the US cannot sell products in Europe (and I’ve seen US products when I’ve visited there), what is the EU putting a tariff on?
And the US has had a 25% tariff on foreign trucks since 1965. Whether from Europe, Japan, or elsewhere. Which is why the F-150 became the best selling vehicle in the US.
Do you think that this tariff will encourage Germans to let F150s on the autobahn?
Why would Europeans buy second-rate American cars if they can buy better cars, including from Japan (if you have ever been to Europe, you will be surprised by the number of Japanese cars around).
Even if one accepts the false premise that value added taxes are equivalent to tariffs (in which case one would have to accept US state and local sales taxes as equivalent to tariffs), the level of tariffs that Trump claims are imposed on the US seem far too high to believe as an average level by country. It will be very difficult for other countries to negotiate with a party which starts out by lying, and which (as you point out) cannot be trusted to keep its word. Next likely step by the administration: fudge the inflation numbers to a far greater extent than done by prior administrations in order to claim minimal or no economic damage.
zion don doesn’t know who pays the national border sales taxes. he’s one sick cult hero. like charlie manson.
I could see Trump being the offspring of Charlie Manson and Daisy Duck. Pretty cold naming your affair baby after its daddy though. Wouldn’t expect that of Daisy.
I’m just asking questions…
MAGA cult = AINO (American In Name Only)
[1D] NQ and ES didn’t crash. ES closed at 6PM on July high, a long legged doii
WMT, AMZN, DG crashed in the AH.
Hey Mish i know you hate tariffs but here Trump is going after one of your pet peeves. https://issuesinsights.com/2025/04/01/trump-starts-undoing-jfks-worst-mistake/
have to post the good news …
On Thursday, Trump signed an executive order that ends collective bargaining rights for most federal workers
Mexico ?? Canada ??
Reciprocal Tariffs Are Not EnoughReciprocity may be rhetorically expedient, but it has always been incompatible with tariff protection and tariff revenue goals. https://www.theamericanconservative.com/reciprocal-tariffs-are-not-enough/
It set things up so the more they raise their tarrifs, the greater the gap between theirs and ours. Is that really a disincentive?
I guess it doesn’t matter. He doesn’t keep his word anyway…. who knows what tomorrow will bring? Boots on the ground in Albania? Strategic bombing of Micronesia? It’s ALL on the table!
Excellent! Tariffs on just about everyone and everything. I will enjoy watching the impact of these tariffs over the next few months.
Let the Golden Age begin!
What a show!
The pain will fall first upon the poors, as is tradition.
Prices will be higher. Jobs will replace food stamps. The transition will be inconvenient for some.
The poor will be put in their proper place.
KGB is a real troll. Not worth engaging with.I did for a bit. Done.
Agreed, dollar store economy is in for a world of pain. Sad.
I agree (probably for different reasons) but still Most Excellent!
Let the Golden Age of Experimentation of how to prove the economist, globalist, & politicians wrong begin.
It’s long overdue.
Yep. Let’s see what happens. It’s going to be fun to watch!
Negotiations now in process. We are about to witness tariffs dropping throughout the world.
Imagine that if it was all a ploy
Ultimately he wants to reduce tariffs. He’s been bellyaching about tariffs for over 40 years. Reciprocal also means we’ll drop our tariffs once you drop your tariffs.
Not hard to imagine, with this guy at the helm. He seems to reverse himself a few times a week. And not merely on small things. I know we all love to be on pins and needles waiting for whatever the next news cycle will bring from this fountain of brilliance and dealmaking.
Maybe. Maybe not.
China’s first response is to restrict any Chinese company from making a US investment.
Europe’s first response is to prepare a plan to protect their industries.
20% tariffs can become 40% tariffs in a New York Minute.
Doesn’t really matter if they’ve completely written you off for the 20% tariff. You could raise it to eleventy billion percent if you wanted, but that wouldn’t matter either.
Yep. They sure can. Tariffs are just taxes on the US consumer. Higher tariffs mean US consumers will pay higher taxes.
That will come after peace in Ukraine, and Tesla taxis.
Your claim that the U.S. having a trade surplus with Canada somehow negates the presence or impact of tariffs is fundamentally flawed. Trade balances and tariffs are separate economic concepts: a trade surplus simply means we export more than we import, while tariffs are government-imposed taxes on specific imports or exports regardless of trade balances. The U.S. can—and does—levy tariffs on Canadian goods even when running a surplus, especially in sectors like aluminum, dairy, and lumber. Suggesting that a trade surplus eliminates tariffs misrepresents how international trade policy works.
“Your claim that the U.S. having a trade surplus with Canada somehow negates the presence or impact of tariffs is fundamentally flawed. ”
Precisely where did I say that?
If you have a trade surplus with a country it would seem to me that putting forward the idea of reciprocal tariffs is not a smart move. Even if you say 10% on energy and 25% on everything else, if the other side says 25% on everything I think they will collect more than you will and your industries will be hit harder overall.
I am still unclear how automobile tariffs will work. Is he imposing these tariffs just on foreign made autos? What about auto parts and joint cross border production?
For Canada and Mexico at least it seems like Trump has backed down.
Happy Tariff Nullification Day!
It will be great if a few nations realize that is what he is up to and immediately end all tariffs. If just one country does it they will look foolish and everyone will pick on them but if several nations did it it could be come a movement….the Trump’s Restaurant Anti-Trade Manipulation movement. LOL>
I still remember what Trump said in January 2025 when longshoremen strike was looming. Foreign investors will pay for doing business in the US and supported no pory automation demands of unions. That’s really motivating for foreign investors.
Just like Mexico paid for the wall. And Trump 1.0 produced beautiful health care and infrastructure programs, in a jiffy. And this time, prices were to start coming down on day one. I’m not sure who is being grabbed by the what, here.
Kinda hard to actually build the wall when all the asshats in the country are suing to stop it.
And just wait for the next idea of putting transfer taxes on payments to Mexico.
For the Reciprocal Examples listed, what were those numbers before today’s announcement? It seems hard to believe that any of them were 0%.
2.5% was the standard. It was mentioned several times in the speech. The new 10% floor is a 4x increase.
I think the most important thing is to make the decision and have it one and done.
iF things are predictable and stable then companies etc can react accordingly.
What is really bad is uncertainly and seemingly random changes or unpredictability when big decisions in allocation of capital and investment are involved.
Don’t be changing this every 6 months as a bargaining tool.
I predict tomorrow will see the bigliest stock market crash ever. You’re never going to see such a big beautiful crash.
Sleepy Joe isn’t looking so bad now.
Wouldn’t that be a good thing?
Why?
TDS
Let’s just let the stocks speak for themselves.
I agree. No escaping this global disaster now.
’tis indeed the eve of the Trumpocalypse.
This whipsaw method of governing is getting old. He may love his Rose Garden and big EO signing events, but the rest of us are looking for some stability. And if he cut back on the size of tariffs, where is the big money going to come from, and if he gets all these new factories in America – where is the big money coming from, and if people like me say screw it – I will do with out – where is the big money coming from? I do not see a clear direction but feel like I am at the local magic show.
Capital expenditure sourcing is the job of capitalists. Minions need not worry. There will be some lag. President Vance and the US economy will see first fruit.
“some lag” — from Day One to Year Five, so soon? Only a Stockholm Syndrome sufferer could blithely buy that kind of fancy pivoting by Make It Great Leader. How long does it take to move a massive number of factories? Oh, wave a wand and “capitalists” will jump to it? Yeah, IF it pencils out. And MAYBE it doesn’t. Money goes where it is treated well.
Re “the rest of us are looking for some stability”
Strongly disagree. Prior to the election, numerous polls showed that strong majorities were very unhappy with the economy, government policy, direction of the nation, media, you name it.
The voters’ mandate was for major change, fix the rot, restore manufacturing jobs within the U.S., eliminate corrupt giveaways of public wealth, perp walks for obvious criminal behavior, and so on. That isn’t “stability”.
The saddest thing about all this is that a major factor in his decision making is how much attention will each alternative bring him?
Trump is turning out to be as much of an economic simpleton as Biden.
Sadly, by this time, both sides of the political menu seemed pretty intensely screwed up, full of magic thinking and magic gimmicks. The Senate will apparently regard its new huge bump to borrowing and debt as zero cost. I think that is the 900-pound gorilla they are hiding behind today’s card-trick distraction: a nice present for the rich. Trickle-down time!
And I can hardly wait for you to tell us that prices on goods from Japan are going up 24% or those from the UK are going up 10% at the retail level….
It’s my sincere hope that we look back at this day and laugh, thinking “what were we all so worried about?”. We’ll see, Mish. Watched a video from Porter Stanberry and another Trump insider who both believe this is the start of a controlled demolition of the current economic order because “it must”, the rot, the debt, etc. They added that if he had told the peeps this was the plan he wouldn’t have been elected.. Of course for $199 they’d give you the list of a handful of Trump insider stocks set to soar. I didn’t bite on the offer, but again, we’ll see what happens in our interesting times.
Re “He repeats the lie that foreign nations will pay tariffs, not US consumers and businesses. And he did not discuss how tariffs will increase prices.”
That’s overly simplified because the “ceteris paribus” (all other things being equal) assumption does not apply. All other things will not be equal, the economy is too complex. What will actually happen is unknown.
More importantly, what matters is not “are tariffs good” but rather “are they the least painful alternative”? If the U.S. government doesn’t impose tariffs to increase revenue, the alternative is not “do nothing”, but rather “raise other taxes”, “cut spending even more”, or “run even larger deficits”. None of those have good outcomes either.
I’m not fond of tariffs, but I think rebalancing the trade and fiscal deficits and restoring domestic manufacturing are of paramount importance.
cut spending even more sounds pretty attractive
Agree. But Congress doesn’t have the votes for that … yet.
Tariffs are within Executive Branch authority.
Seems to me that one must do what one can, not always what one prefers.
I’ve heard that tariffs are congressional territory.
Will tariffs bring more FDI and jobs into the US economy, yes. Will the economy grow without overfinancialization / leverage offering diminishing returns to debt. Probably. Great prices for consumers while all jobs created go to illegal immigrants, yes all else is not equal. Free markets were not free. Asset bubbles with definancialization gonna leave a mark no matter what.
Once you start playing in this sandbox you had better have a good idea of what the result of your actions will be. This experiment will most likely blow up with sand in everyone’s face. But who knows maybe it will work out. I’d rather be lucky than good.
Domestic manufacturing output is doing just fine. But that isn’t the point. What protectionists want is to preserve or expand manufacturing employment. They’re not the same thing.
LIBERATION DAY RECIPROCAL TARIFFS https://x.com/WhiteHouse/status/1907533090559324204
Well, technically he is correct -he is going to liberate people from their money. Isn’t that liberating?
Almost 200 pt range ES. Near bottom now. Almost as if the runup short squeeze was a helping hand to the big boyz to short more / buy puts.
Aftermarket stock charts are not exuberant…
I sold a lot of equities the other day. And bought some Chinese goods: things I expect to need over the next couple years.
And I am expecting interest rates to stay up, so I have my cash placed accordingly.
This will be “Yes, we broke it, what are you gonna do about it” recession.
Once again for the umpteenth time, trump capitulates and reduces the increase in tariffs. All talk and less bite. No doubt, this information was known by certain “select individuals” before the market closed today.
Those select individuals wouldn’t happen to be congresspeople, would they?
Or just “family,” you know. The two guys doing all those insider crypto schemes and such.
How so?
Insider trading
It’s good to be potus. You can just talk and get results…
But the “results” you and I get, remain to be seen. Trump has an uncanny ability for his incredible riverboat gambling run to have landed right, for him. It seems otherworldy, but I think it signifies an age when fame is a network effect making it impossible to lose for a narrow class of super-winners (like Elon): the bailout is always waiting in the wings. But how that translates to the fortunes of we, the plebes, seems the real issue.
When Satan’s your dad, you get away with miraculous stuff.
Those results include being exempted from court actions, and much regulation. This attracts a certain kind of person to the top now. Guys like Ike are spinning in their graves.