Trump vs. Wall Street
FT OPED
The coming clash between Trump and Wall Street
A rebalanced global economy would be welcome, but not for stocks
Via the FT
A new Plaza accords
Optimists about Donald Trump’s trade agenda see the imposition of high tariffs as the opening gambit in a game of multiple moves.
In the simplest game, the higher tariffs trigger a negotiation that leads to mutual tariff reductions. This is the vision that Kevin Hassett, recently appointed to lead the National Economic Council, laid out in an interview with Unhedged. Others see a more ambitious game, culminating in the reconfiguration of global trade and capital flows. Treasury-Secretary-to-be Scott Bessent, in an interview with the FT, described his strength as “understanding how complex systems either accelerate or break down” and said that “we are in the midst of a reordering on international trade and relationships, and I’d like to be a part of that.”