Haphazard and chaotic policy making on the run continues. This is weighing on business confidence and soon will be reflected in the economic data.

Trump said on his tariffs that there would be ‘no exemptions’ and ‘no exceptions’. He is now actively considering agricultural ‘carve outs’ with respect to tariffs on Mexico and Canada. Modifying his tariffs to minimise stupid impacts is a good thing, but it was foolish to say ‘no exemptions’ and ‘no exceptions’ right from the start, that was never going to be the case. Lobbyists still have jobs in the swamp.