Tariff populism is cannibalizing industrial multiples in real time. (https://news.google.com/rss/articles/CBMihAFBVV95cUxMWVVld3FMcWhNT2JjZ3lPbEhreGRoN3Z5VTdkdjdpMHllcDN4Wm5JTmtBb0lBR0Q4NXRIX3ViRFFLQ2VXckJtZEJoRUpfRjVsZ2tSSlp6SGQ3cUxHbWxzdnRYajQ4Ul9nOGs4dTBIRTdsNGlxSHUzYzVQdVRHVXR5Z2lpT3U?oc=5) the government to kill tariffs signals something I've been tracking: domestic industrial capex is tanking because supply chains are now too fragile to plan around.

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