Federal spending is up. So there is a pretty big focus on generating new revenue to pay for it.
Most analysis so far shows that tariffs are being paid primarily by U.S. consumers and U.S. businesses. The foreign share (in the form of price cuts) is pretty low.
One of the impressive things about Trump is that he managed to convince a nontrivial percentage of conservatives to cheer for higher spending and new taxes to pay for it.
Interesting, can we see if the "reshoring" has materialized in any form?
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Construction spending on manufacturing facilities is slightly down vs six months ago. Not up.
And it takes many years to move supply chains at scale.
Thank you for clarifying 🤙🏻
