First — and why aren’t more people saying this? — what the hell was the Treasury secretary doing giving a closed-door briefing on a significant policy change that hadn’t yet been officially announced? Isn’t that a setup for large-scale insider trading? Indeed, attendees at that conference surely made market bets before Bessent’s remarks became public.

Let’s also talk about the substance of what Bessent reportedly said. Namely, he declared that the enormous tariffs Trump imposed on China will soon be reversed. Those tariffs are indeed crazy, amounting, as Bessent said, to an embargo.

But this is an extraordinary reversal — a capitulation equivalent to surrender. And bear in mind that the damage being done by Trump’s tariffs comes not just from how high they are but from the uncertainty they’re creating. That gigantic China tariff was announced just two weeks ago. Now Trump says, “we will be very nice and they’re going to be very nice.” How can any business make plans in this kind of environment?