Do the maths: the tariff letters are political theatre not economic earthquakes Introduction Are Markets Crazy? Or lazy? Or, by contrast, are they just well-informed? How could markets just shrug off President Trump’s July tariff letters that were so aggressive, so MAGA, so strong! Of course, markets do sometimes get it wrong, but not in this case, in my view. In this factual Friday I'm going to argue that the markets’ calm is rational. That’s because I believe the August tariffs will fall far