The present day drama of Trump tariffs is a distraction from the elephant in the room which is that world economies, not only America, are living beyond their means. Stock market returns too are juiced by unsustainable patterns of consumption which will need to change for fiscal, demographic and environmental reasons. When/If this change happens the whole world economy will grow less, funding for public services will fall, pension funds will perform less well etc.. Every effort will be made to preserve the status quo as long as possible until something big forces a change.