After the 2025 Inauguration, a rethink set in. Trump pressed on with tariffs, and said: “Markets are going to go up and they’re going to go down but, you know what, we have to rebuild our country.” The administration talked about “detox” for the economy. Trump posted about firing Jerome Powell from the Federal Reserve. Then Liberation Day on April 2, unveiling tariffs far higher than anything the administration had trailed, and a swift escalation to 145% tariffs on China, really set the cat among the pigeons. The narrative now was that money would exit America.
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