Resist the temptation to sanewash the Trump tax increase du jour
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Scott Bessent reaffirms that Trump still plans to impose sectoral tariffs on pharmaceuticals and lumber:
Bessent indicates that Trump still plans to announce new tariffs on lumber and pharmaceuticals despite the pause on the reciprocal tariffs
[image or embed]— Aaron Rupar (@atrupar.com) April 9, 2025 at 10:48 AM
Unlike the markets today, let’s look at the right baseline. The 125% tariff on China is still massively disruptive. a 10% across-the-board tariff is still very bad and inflationary, if less insane than what was in place yesterday. Drug prices are going to go up, and home construction is going to be a lot more expensive during a major housing shortage. A “90 day pause” is subject to revision at any time, as today’s events remind us. And who knows what happens after that even if it holds. However much the S&P 500 recovers today this truth will manifest itself soon enough.