February 2026

Tariffs are a tax on imports. That is simply how they function. Now the US Supreme Court struck down Trump's emergency tariffs. He responded by imposing a 15% global tariff under a different law. But let's focus on the data.

The most structurally important asset class of the past 25 years has not generated growth, income or inflation protection. That's why this chart matters. It shows that this asset class has absorbed more consistent capital than any other. It is not equities, bonds or gold. It is cash.

Most Americans think about rent, eggs and insurance. They do not think about the US dollar. Yet the dollar sits behind all three.