Economics textbooks insist that stock prices reflect the future stream of a company’s profits on any given day. For all the brainpower devoted to these forecasts, however, they are essentially rough estimates of what may happen over the next twelve months and wild guesses about anything after that.

Economists caution new tariffs could pose economic risks, but the White House says growth is rebounding amid low inflation.

The US president is increasingly tying trade policy to geopolitics, using economic might to bend countries to his will