First Order

They dont't get that the line going down is a second-order effect. What they imagine are second-order effects are actually the first-order ones. They just take a bit longer.

Administration officials knew the markets would dive and other nations would retaliate when President Trump announced his long-promised “reciprocal” tariffs. But when pressed, several senior officials conceded that they had spent only a few days considering how the economic earthquake might have second-order effects.

And officials have yet to describe the strategy for managing a global system of astounding complexity after the initial shock wears off, other than endless threats and negotiations between the leader of the world’s largest economy and everyone else.