John Authers, Columnist

The Metaphysical Menagerie That Stalks Trump's Tariffs

A few abstruse animal stories underpin the TACO trade, starting with a famous cat in a box.

July 11, 2025 at 1:00 PM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Schrödinger makes an appearance.
Photographer: Felipe Rodriguez/VW Pics/Universal Images/Getty

Provide news feedback or report an error

Site feedback:

Take our Survey

To get John Authers’ regular newsletter delivered directly to your inbox, sign up here.

If Donald Trump announces a tariff on Truth Social, but never actually imposes it, did it exist? If news that tariffs are coming prompts companies to “front-run” the levies, do they even need to happen? If tariffs are imposed, importers pay them, and yet there’s no seeming effect on prices, need we worry about them?