Macro Mondays Do Markets Care About Trump’s Tariffs? | Macro Mondays: February 23, 2026
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Feb 23, 2026 They debate the market implications of sweeping U.S. tariffs and whether the moves were prepared or knee-jerk. They examine legal and congressional limits on tariff power and how that shapes international trade talks. They explore potential macro effects if China supply links weaken. They also cover rapid AI engineering gains and what that means for capex, mega-cap stocks, and practical AI adoption.
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Flat Tariffs Look Like A Political Reaction
- Trump’s broad 10–15% tariffs were likely a knee-jerk move, not a pre-planned replacement for targeted IPEA tariffs.
- Andreas Steno Larsen notes specific higher rates for China and India had tailored geopolitical aims that are now lost with blanket tariffs.
Tariffs Won't Stay Without Congress
- The sector 1/2 tariff move is temporary and needs Congressional ratification to become law, which the administration has not secured.
- Mikkel Rosenvold highlights the political reality that Trump prefers unilateral levers rather than a codified Congressional trade law.
Administration Will Push Tariff Authority
- Trump publicly claimed presidential authority over tariffs and cited the Supreme Court decision as backing, signalling he will continue to push despite legal limits.
- Andreas stresses this shows the administration won't concede the issue quietly.