Crafting investment policy in an America First world

What should investors make of Trump’s “Liberation Day” tariffs, which was characterized as “worst than the worst-case scenario”? Instant analysis from several sources shows that the weighted average tariff rate is now higher than the rates from the Smoot-Hawley era of the 1930s. Trump claims that his tariffs will raise $6 trillion over the next decade, which amounts to the largest tax hike in U.S. history.
I pointed out last week that Trump’s abrupt shift in U.S. policy is making the world undergo a dramatic regime shift in investment environment (see Uncharted Investor Waters: From Soft to Hard Power). The key big picture question is how investors should formulate investment policy under these new circumstances.
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