While many factors could be called out for the heightened level of stock market volatility, tariffs most certainly are at the top of the list. Many tariff thought pieces had been written since the Rose Garden announcement on April 2. Common expectations for the near term are a slowdown (possible recession) in real U.S. economic activity and some upward inflationary pressure. Longer term scenarios vary widely with low levels of conviction. Needless to say, analysis of tariff policies and consequences will be ongoing for some time. The perspective here provides some basic information that may be useful as tariff dynamics continue to unfold and as markets respond.