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Trump Chaos Theories

A fair and balanced conversation with Wall Street eminence and former “car czar” Steve Rattner about the impact of Trump’s global tariff jihad.

Steve Rattner
Rattner serves as the chairman and C.E.O. of Willett Advisors, a firm you’ve probably never heard of, but which performs the large and estimable task of managing Mike Bloomberg’s money. Photo: Christopher Goodney/Bloomberg/Getty Images
John Heilemann
April 17, 2025

Thanks to Donald Trump and his ChatGPT-enabled tariff jihad, last week was one of the most tumultuous, tempestuous periods for stocks and bonds and currencies that we’ve ever seen. What happened across those five days, and more importantly, what happens next, is a story that sits at the intersection of Wall Street and Washington, of financial mechanics and political mojo, of conventional plutocratic maneuvering and MAGA-fueled disregard for history, precedent, and institutional coherence.