Trump’s tariff announcement may be the beginning of Wall Street’s woes

Wall Street has been paralyzed by trade policy uncertainty. That’s only a prologue for what’s in store after President Donald Trump announces global tariffs at a Rose Garden ceremony Wednesday that he has dubbed “Liberation Day.”

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Oren Cass, the founder of conservative think tank American Compass and a supporter of Trump’s trade agenda, said tariff uncertainty could “potentially impose economic costs far beyond the actual costs of tariffs.” It’s imperative that the administration spells out its plans and provide assurances that they’re “not going to keep changing every week,” he said.

“If you want auto companies to build more domestic plants, if you want steel companies to expand domestic production, they need to have some understanding of what the long-term outlook is for tariff policy,” Cass said. Otherwise, “you get the costs and disruption with tariffs, without the upside of the investment.”