Arthur Hayes: Most of Trump supporters do not hold a large amount of financial assets, so they can be tough on tariff issues.

On April 7, Arthur Hayes posted on social media that a significant portion of Trump’s supporters do not hold significant financial assets. In his own view, the schadenfreude between non-stakers and stakeholders is strong — which is why Mr. Trump has dared to take a hard line on the tariffs because he is confident that his core supporters will stand up for him.

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