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MacroUnited StatesTrade and tariffsElections and political risk
A large % of Trump's base don't own lots of financial assets. I think schadenfreude amongst those who don't own stonks vs. those who do, is quite strong and hence Trump can go to the mat with these tariffs confident he is popular with those who matter to him.

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There is still time for a ceasefire before millions of people get hurt.

BillAckman ↗
Library as of 2026-10-27