Surprisingly tough tariffs on China. Stk market very upset. Trump negotiating, and he may get it right (N Korea, NATO etc). But a bit of riverboat gamble if Xi doesn't play ball. However steel tariffs excluded from bunch of nations, most interestingly EU, along w/ Brazil, Argentina, S Korea and of course Canada & Mexico. This is good for NAFTA.

China created this problem, Trump trying to solve it. Some negative econ hits, but small. Certain states, esp farm, will be hit. China now 1st world country; must behave like one. Adhere to WTO. Stop tech transfers & stealing intell property rights.Steel & aluminum tariffs wind up hurting China & Russia most.

Trade deficits don't matter. flip side of valuable capital inflows. Deficits will grow in 3-4% econ. Why not remove taxes on all Asian countries but China? Vietnam? Coalition of willing to change China.

Fed rate to 1.75% is ok. But yield curve is flattening. Profits holding up. Are stocks overreacting to tariffs? Cap-ex strong. But Admin must stay on message. Infrastructure?

The Democrats abandon Catholics.

Budget deal a lousy one. But Trump is right: Give him line-item veto/recission power. End filibuster.