If Trump Actually Had A Plan To Pass Steel Tariffs

Let me share what I told a group of sovereign wealth managers who called me from another financial center (this is what I do). If Mr. Trump actually had a plan to pass steel tariffs, the likely immediate result would be, in my opinion, a sharp decline in the U.S. dollar. My personal view is that there is no specific recommendation or program planned, that Mr. Trump throws things out there and that cooler heads prevail Assessing the course of U.S. policy based on his Twitter feed is imprudent. Republican members of Congress may appear spineless but they are not completely stupid. If one is overexposed to U.S. assets, one might prudently lighten up but I wouldn't advise shorting the U.S. on a Smoot Hawley scenario just yet. I advise sitting tight.