I was expecting markets to slide closer to 7% circuit-breaker territory but I think markets are pricing in that Trump will backtrack on the tariffs. I think this is wrong.
Trump is a tariff man. He is fundamentally skeptical of global trade. He thinks a trade deficit means you're being ripped off. This is something he has been saying since the 1980s. It's probably his most consistent policy belief, maybe the only one. So I don't see any indication they will seriously roll this back.
Given this environment, what are some companies that could benefit from protectionism in the long-term? Let's do our DD together.