How Should Traders Play Trump’s Tariff Madness

On Tuesday evening, Donald Trump gave a speech to a joint session of Congress. The tone of that speech was what most observers expected. It was self-congratulatory, confrontational, and often controversial, but there was very little in the text that we didn’t already know. The stock market responded to that event positively, but the gains on Wednesday were bracketed by two big drops as traders came to terms with the imposition of tariffs, and inflation and jobs data that look worrying in front of the main reports on those subjects still to…