Markets are in crisis, and for good reason. Tariffs are scary. Historically, they have had devastating impacts on economies, especially if they are large, sudden and far-reaching – and in the case of U.S. President Donald Trump’s approach, they are all three. Levies on imports can set off a vicious supply shock cycle. Prices rapidly climb. Consumers reduce spending. Companies lay off staff and curtail investments in new equipment or facilities. New business formation declines. Corporate profits sink. Investment dries up. Trading partners retaliate. And the cycle continues. Not only do tariffs set off a vicious cycle, but they increase…