Trump’s Tariff War
A bleak view about the Trump tariff announcement is nearly universal.
April 3, 2025
David R. Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. He holds a B.S. in economics from the Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from the School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.
A bleak view about the Trump tariff announcement is nearly universal.
There’s a big difference between secondary tariffs and reciprocal tariffs. Their purpose and intention are different, and the outcomes may be different, too. Secondary tariffs are a form of economic warfare, like direct sanctions.
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David R. Kotok’s financial market commentaries have appeared in publications including The New York Times, The Wall Street Journal, and Barron’s. He is a contributor to Bloomberg TV, Bloomberg Radio, Yahoo Finance TV, and other media outlets.
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