President Donald Trump’s tariffs are taking shape—and they’re taking on a kind of color, too. If you look at the tariffs and assign different colors to each sector they touch, they start to look like a collection of different stones, even stained glass. They’re turning into a “mosaic.” That’s the metaphor used by Monica Guerra, head of US Policy at Morgan Stanley Wealth Management.
This is because they vary on both a country-by-country and a product-specific basis, even though Trump has ensured they are far-reaching in scope. This makes the overall impact “more idiosyncratic,” Guerra wrote in a research note titled, “Tariff Talk and Dollar Moves.”
