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A 3-way game of chicken is being played between Trump, Powell and Xi. The strike price for the Powell put is much lower than for Trump put. And Xi’s put strike live is even lower; thus Xi will let Trump bleed for now in this retaliation Nash game. This is a 3 dimensional chess game and Trump is totally clueless. He can’t even play a one dimensional chess game. And superior chess and poker players like Putin and Xi are already out manipulating Trump on Ukraine, Taiwan and other geo-political issues. Trump was always a naive amateur thinking he could use his carpet bagger Art of the Deal cheap threats and bluffs to complex geopolitical and geoeconomic issues. But Trump 1.0 had a bunch of smart heavyweight advisors who could guardrail him against his worst instincts. This time Trump 2.0 has mostly a bunch of wimpish sycophantic yes men “advisors” who not only don’t dare to cross him but rather give him pseudo-intellectual fodder and justification to his worst destructive policy instincts on trade! So unless he starts to think and be rational again, backpedal and de-escalate very fast - as Bessent and Miran suggested to him early on - we end up with a massive US and global recession and financial meltdown this year!