An interesting time to be sure. Similarities and consequential differences. Earlier tariff blunders that fuelled market turmoil were easy to address (thus creating the 'TACO' title) by way of backtracking, conceding and 'making deals'. This time things are not so simple. Things were already out of US control in the early days of this campaign. Although well known to the intelligence community, the impacts of Iran's control of the Strait of Hormuz seem to have avoided the attention of the Commander in Chief. Backing out of this one not so simple, the possibility of ongoing impacts are real. Iran holding the cards one.