Macro Strategy Insights

Zero-Dimensional Chess

This administration has delivered on the border as the voters wanted. I wanted to start with something positive. Today, I’m sure that we will hear some hot takes about how the administration is playing 5D chess, and everyone who doesn’t think the tariff approach will work simply does not understand the approach. I think that they have just exposed themselves as playing zero-dimensional chess. Reciprocal tariffs, to almost anyone I talk to, means: You tariff me at X% on ABC good, I now tariff you at X% on ABC good. I would argue that at least 90% of market participants and countries ... Zero-Dimensional Chess

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