$1.25 Trillion - That's The Cost Of Trump's Trade Wars So Far: JPMorgan

Three months ago, in the aftermath of the February VIXplosion and when the shape of Trump's protectionist agenda was only just starting to take shape, JPM's head quant, Marko Kolanovic made a simple prediction: despite all his posturing, Trump would never dare to pursue an aggressive trade warthat destabilizes markets for one simple reason - if stocks crash, it would make a Democratic victory more likely in the midterms, which in turn raises the threat of Trump getting impeached.