I find myself wondering if April 7 will be remembered clearly as one of the major defining moments in the Trump trade crisis of 2025, or if it will be a mere curiosity amid an intense period of political chaos to rival August 1914. As you’ve probably already heard, because we are all self-consciously part of the investor class now, the global stock market surged early in the morning because some people misunderstood a Fox News chyron, broadcast while one of President Donald Trump’s major courtiers was giving an interview, and social media was briefly flooded with fictitious hopes that the president might pause his pervasive, arbitrary program of new economic tariffs.