Hi, I'm Carl Tannenbaum, Chief Economist for Northern Trust. Many of you will be familiar with the Fast and Furious movie series. Over 11 installments, protagonists in muscle cars speed around with abandon. So far this year, tariff policies have been announced with abandon at a high rate of speed. America seems intent on muscling its way to a new set of trading relationships with the rest of the world. 

Coming into the year, the president had put the world on notice that tariffs would be on the table, but most had assumed that they would be used to set a tone for trade negotiations or as a lever to prompt action on other issues. Threat and promise surrounding tariffs, it was thought, would be separated by some distance. And if new duties were implemented, they would be surgically applied. 

That has not been the case. Across the board, tariffs have been threatened against a broad range of countries. And significant charges are in force against Canada, Mexico, Europe, and China. Exporters to the United States have retaliated with tariffs of their own. A trade war appears to be underway. 

We have been asked to identify the motivations behind the administration's trade policy. Based on their efforts to date, these beliefs appear to be driving thinking. First, the United States has been taken advantage of in trade, leading to higher costs for consumers and a damaging loss of industry. A reset is needed, not minor changes. 

Second, the presence of a trade deficit is prima facie evidence of unfair trade practices. Third, production should move to within the United States, not just to within North America. Fourth, exporters to the United States will capitulate on trade policy to sustain access to the US consumer market. And finally, US consumers and US financial markets will remain patient, focused on the long-term benefits of putting America first. 

Some would certainly wish to debate these principles. But they appear to be deeply ingrained at the White House. And we should expect policy consistent with them. 

It has been harder to steer through the twists and turns of tariff developments. New ones are proposed, then deferred. Exceptions are occasionally granted, but they are not permanent. The rapid cadence makes it difficult for businesses to plan and for markets to digest. Stock and bond prices are off their peaks, and markets have been volatile. 

On the road, I am known as Mr. 10 and 2 for the conservative positioning of my hands on the steering wheel. Needless to say, I am hoping that the speed of tariff announcements slows, making it easier for all of us to navigate. And that's The View From Here.