Lots of people are opining, some with great conviction, on the specific impacts of the new tariff regime announced by the US Administration over the weekend. Take these takes with a grain of salt for one simple reason: This is far from the final word. The IEEPA replacement is temporary. It also creates a string of unintended consequences, including punishing allies while easing pressure on adversaries. Expect the tariff regime to evolve again in the coming weeks as the administration taps into other authorities. This uncertainty is affecting countries negotiating deals (see the EU announcement as an example) and is complicating corporate decision-making. #economy #trade #tariffs #markets