Trump delivered a “hell, yes” speech last night, but it’s time to be attentive to a spooked stock market, inflation that’s still too high, and GDP growth that’s sputtering.

Here’s our unsolicited advice to the White House about how to truly unleash a big beautiful wave of prosperity.

President Trump: Push the pro/growth tax cut message, and steer away from the tariff/protectionism riff. Canada and Mexico tariffs are bad economic news for all three countries.

We also need to always remember that the two factors that led to 40 years of relative price stability and a strong dollar were trade and technology.

Trade deficits were simply an inevitable byproduct of a strong dollar that became the world currency, as shown in the chart below from our friend Louis Woodhill.