The Economic Fallout of Unilateral Tariffs

A year’s worth of gains wiped out in a few short days. Retirement accounts decimated and retirement plans delayed indefinitely with one man’s stroke of a pen. All while the Social Security Admin is being gutted. Retirees and aspiring retirees, keep an eye on your plans and benefits. This administration just made an all-in bet with your hard earned money. China, the EU, Mexico, Canada — they are calling the bluff. And it is a bluff. A ruinous bluff. Even if – and it is a big if – manufacturing jobs were to return, it will take years for that to happen. And how exactly will we support the manufacturing Renaissance when China refuses to process our rare earth minerals? We don’t have the capacity to do it ourselves, and we won’t anytime soon. The pain is not short term. It will take years to recover. I can’t tell if the administration is irresponsible or simply wants to watch the world burn.