From Taco to Twist -- Trump Will Impose Severe Tariffs

Trump twists from TACO as more severe tariffs are announced

David Rosenberg

Jul 11, 2025

∙ Paid

Highlights

• Trump twists from TACO as more severe tariffs are announced

• The CNN Fear-Greed Index indicates “extreme greed” in the market

• Utilities, the classic defensive yield sector, delivers good returns

• Stock market’s sensitivity to the business cycle is significantly reduced

Key Takeaways

• More Tariffs Pour in While Markets Remain Convinced About TACO: From Taco to Twist — Trump Will Impose Severe Tariffs. Investors believe that Trump is chickening out on the tariff file because they are in la-la land. But you can’t keep your head in the sand indefinitely. How about 50% tariffs on steel, aluminum, and copper? How about 25% on autos? How about 50% on Brazil for political reasons, not economic reasons? Or 35% on Canada?

Continue reading this post for free, courtesy of David Rosenberg.

Or purchase a paid subscription.