In a Trade War, the Guns Are Pointed Inward
President Trump’s use of Great-Depression-era Smoot 338 tariffs, the first time ever in US history, has opened a Pandora’s Box that may alter the outcome of the midterms.
August 30, 2026
David R. Kotok co-founded Cumberland Advisors in 1973 and during his career served as its Chief Investment Officer, CEO, and Board Chairman. Today, he serves as a Strategic Advisors to the firm and continues to write regular commentaries, author books & pamphlets, and speak at public events. David 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.
President Trump’s use of Great-Depression-era Smoot 338 tariffs, the first time ever in US history, has opened a Pandora’s Box that may alter the outcome of the midterms.
A short story dedicated to Stanley F. Druckenmiller in honor of his August 24th WSJ editorial, followed by two essential reads.
Today we examine a possible trade. Consult your adviser for details and decisions. This discussion is not investment advice.
David R. Kotok’s financial market commentaries have appeared in publications including the New York Times, the Wall Street Journal, and Barron’s, and he has appeared on Bloomberg TV, Bloomberg Radio, Yahoo Finance TV, and other traditional & digital media outlets. He also shares his perspective on his own YouTube channel: youtube.com/@David-R-Kotok
