"I am a tariff man, standing on a tariff platform."
– 25th U.S. President William McKinley
The Through Line: Markets were pleasantly surprised that incoming President Donald Trump did not include overt tariff actions among the many executive orders signed on his first day in office. However, he responded to a reporter’s question late Monday evening by saying tariffs remain a front-burner issue for his administration. We expect many trial balloons will be floated on the way to hammering out individualized deals with specific companies, industries and countries. Expect these negotiations to unfold in blow-by-blow accounts via the media, quite possibly causing short-term volatility in markets, rates and currencies. Stay calm and patient as details sort themselves out.
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