Oaktree’s Howard Marks Says Trump’s Tariffs Remind Him of Brexit

Donald Trump’s tariff policies have the potential to be the biggest economic event of our lifetimes, according to Oaktree Capital Management Co-Founder Howard Marks, who warned that reversing them could still have consequences.

“I consider the tariff developments thus far to be what soccer fans call an own goal,” he wrote in a note on Wednesday. “They’re highly analogous to Brexit, and we know how that turned out. Brexit cost the British mightily in terms of GDP, morale, and alliances, and it harmed their reputation for governance and stability. All of this damage was self-inflicted.”