> Tariffs to produce market effects (like onshoring) only work if those tariffs are observed to be durable Tariffs do produce immediate market effects - inflat

> Tariffs to produce market effects (like onshoring) only work if those tariffs are observed to be durable Tariffs do produce immediate market effects - inflation and shortages, which we do observe. In order to produce positive market effects tariffs must be gradual, differentiated, measured, negotiated and communicated well in advance.