Ever since President Trump trotted out that giant poster board on Liberation Day, there have been two competing narratives over how this would turn out. Economists have warned that the tariffs, which ranged from 15% to 50%, would ultimately be paid by consumers. The White House, on the other hand, has insisted that tariffs are basically free money for the government and that they would lower prices by bringing foreign investment back into the US. Serious investors never believed that overly rosy view of the trade war, but they’ve been mystified by an American stock market that seemed to defy […]