Zeihan questions Trump team's grasp of policy fundamentals

If the administration demonstrates coherent policy coordination across trade, geopolitics, and industrial strategy—either through public statements, legislative action, or observable implementation—markets would likely interpret this as reduced policy uncertainty, potentially supporting equities sensitive to regulatory clarity and trade predictability.

Continued ad-hoc policymaking without systematic coordination would plausibly sustain the current environment of elevated volatility in currency and commodity markets, as traders remain unable to price in a coherent long-term policy framework.

If policy incoherence leads to visible contradictions—such as conflicting trade actions, geopolitical missteps, or industrial policy reversals—this could pressure risk assets and benefit safe-haven flows, particularly in sectors exposed to tariff or supply-chain disruption.