Josh Barro

But instead, what we're seeing is huge gains in European defense stocks Because you have these European countries saying, not only do I need a stronger military and more equipment for that, but I would really like to find a way to buy it from a non-American manufacturer. I mean, that's a terrible thing for one industry in our economy.

And you can see that repeated in other places where anything that involves having a long-term dependency on U.S. policy, whether that's for defense or whether that's just because you're exposed to the tariff regime, and your investment in a U.S. subsidiary, the entire question of whether it's going to be profitable or not depends on the tariff regime. That just looks very unattractive when U.S.

And you can see that repeated in other places where anything that involves having a long-term dependency on U.S. policy, whether that's for defense or whether that's just because you're exposed to the tariff regime, and your investment in a U.S. subsidiary, the entire question of whether it's going to be profitable or not depends on the tariff regime. That just looks very unattractive when U.S.

And you can see that repeated in other places where anything that involves having a long-term dependency on U.S. policy, whether that's for defense or whether that's just because you're exposed to the tariff regime, and your investment in a U.S. subsidiary, the entire question of whether it's going to be profitable or not depends on the tariff regime. That just looks very unattractive when U.S.

policy is both hostile and uncertain. And so I think partly the long-term effect depends on how people are thinking about the after-Trump period, because so many of these things are, if you're going to build a factory, that's a years-long investment before it starts to produce returns.

policy is both hostile and uncertain. And so I think partly the long-term effect depends on how people are thinking about the after-Trump period, because so many of these things are, if you're going to build a factory, that's a years-long investment before it starts to produce returns.

policy is both hostile and uncertain. And so I think partly the long-term effect depends on how people are thinking about the after-Trump period, because so many of these things are, if you're going to build a factory, that's a years-long investment before it starts to produce returns.

If people expect that basically this is a weird period and things are going back to normal, then in the long run, maybe that will be fine for the U.S. economy, although we're in for a rough few years. But if, on the other hand, it's sending a signal that the U.S.

If people expect that basically this is a weird period and things are going back to normal, then in the long run, maybe that will be fine for the U.S. economy, although we're in for a rough few years. But if, on the other hand, it's sending a signal that the U.S.

If people expect that basically this is a weird period and things are going back to normal, then in the long run, maybe that will be fine for the U.S. economy, although we're in for a rough few years. But if, on the other hand, it's sending a signal that the U.S.

is a permanently less reliable partner and people are concerned that the next Republican administration could be as wacky and hostile as this one has been – then that makes it hard even for an administration that's trying to put the pieces back together to convince people that they should come invest in the United States.

is a permanently less reliable partner and people are concerned that the next Republican administration could be as wacky and hostile as this one has been – then that makes it hard even for an administration that's trying to put the pieces back together to convince people that they should come invest in the United States.

is a permanently less reliable partner and people are concerned that the next Republican administration could be as wacky and hostile as this one has been – then that makes it hard even for an administration that's trying to put the pieces back together to convince people that they should come invest in the United States.

They might say, well, now we have a president who doesn't want to change tariffs every day, but we don't know what the next president's going to do. So even though you've set a tariff policy that should be favorable to investment in the U.S., We don't feel comfortable doing that. Now, there's some things that could be done about that.

They might say, well, now we have a president who doesn't want to change tariffs every day, but we don't know what the next president's going to do. So even though you've set a tariff policy that should be favorable to investment in the U.S., We don't feel comfortable doing that. Now, there's some things that could be done about that.

They might say, well, now we have a president who doesn't want to change tariffs every day, but we don't know what the next president's going to do. So even though you've set a tariff policy that should be favorable to investment in the U.S., We don't feel comfortable doing that. Now, there's some things that could be done about that.

For example, the very expansive tariff powers that the president has under quite old laws that were not really misused that badly by any presidents up until now with Trump, you could repeal a lot of those powers. And that might make it more credible to say, yeah, we're sorry about what Trump did, but the next guy is not going to do that because he's not even allowed to do it, even if he wanted to.

For example, the very expansive tariff powers that the president has under quite old laws that were not really misused that badly by any presidents up until now with Trump, you could repeal a lot of those powers. And that might make it more credible to say, yeah, we're sorry about what Trump did, but the next guy is not going to do that because he's not even allowed to do it, even if he wanted to.

For example, the very expansive tariff powers that the president has under quite old laws that were not really misused that badly by any presidents up until now with Trump, you could repeal a lot of those powers. And that might make it more credible to say, yeah, we're sorry about what Trump did, but the next guy is not going to do that because he's not even allowed to do it, even if he wanted to.

Maybe that sort of thing will work, but it's going to be a real challenge for the next Democratic administration or even for a subsequent Republican administration that wants to get more integrated into the world system, the damage to our credibility that Trump is doing right now.