#TrumpTariffs I'm writing this today not as an analyst, but as a survivor. The hashtag #TrumpTariffs isn't just political noise. It's an echo from the past, and I'm hearing the same song again. But this time, I know the dance.

Most people think tariffs only affect physical goods. They're wrong. Tariffs create uncertainty. Uncertainty creates fear. And fear in financial markets makes capital flee to safety, crushing risk-on assets in the process.