INTERNATIONAL POLICY DIGEST: THE TARIFF TUG-OF-WAR: MICHAEL ASHLEY SCHULMAN WEIGHS IN
Author(s): Scott Douglas Jacobsen
Publication (Outlet/Website): Running Point Capital
Publication Date (yyyy/mm/dd): 2025/02/28
We were interviewed by International Policy Digest and Tobis Fellow writer Scott Douglas Jacobsen, founder of In-Sight Publishing and Editor-in-Chief of In-Sight: Independent Interview-Based Journal.
Fundamentally, tariffs are about business and people!
“In this discussion, Schulman explores tariffs as both a strategic tool and a double-edged sword—capable of fostering domestic self-sufficiency while potentially stifling competition and innovation over time.
“Citing China’s response to AI chip restrictions, he underscores how tariffs can shape trade negotiations and economic strategy. He also highlights the market’s ability to adapt within one to four quarters, advising investors to position themselves either long or short in specific sectors based on risk tolerance.
“Ultimately, Schulman situates tariffs within the broader framework of economic policy, trade balances, and global market stability—where every action risks provoking an equal and opposite reaction on the world stage.”
QUOTED EXCERPTS
“The reality is that even with the promise of reciprocal tariffs being enacted, they probably won’t affect the prices of goods already in the U.S.—in stores and inventory—so the retail and commercial price adjustments may still be a month or several months away.
“We advise our clients to remember that tariffs typically represent a one-time adjustment to pricing and are only one of many factors influencing corporate economics, employment, stocks, and asset prices.
“While common rhetoric suggests tariffs are inflationary, technically they are import taxes paid by the purchaser, and like other taxes, tend to be deflationary rather than inflationary.”
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