Economics textbooks insist that stock prices reflect the future stream of a company’s profits on any given day. For all the brainpower devoted to these forecasts, however, they are essentially rough estimates of what may happen over the next twelve months and wild guesses about anything after that.

President Trump’s chip-tariff regime could disrupt the global electronics trade and send prices of all kinds of goods higher. One thing it appears unlikely to do: bring advanced chip-making roaring back in the U.

After months of rigamarole beginning with the April 2 threat of widespread “Liberation Day” tariffs, President Donald Trump’s administration