Welcome to Axis ProRata, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics.

I'm Dan from Mack. On today's show, we worked new IPO challenges and a hurricane bombshell.

But first, General Trump's trade war. So last Friday was turbulent in

D.C. even by Trump-era standards. Both China and the U.S. slap new tariffs on each other.

Trump called China an enemy for the first time, and then also called Fed Chairman Jay Powell

an enemy. And Powell, for his part, said fairly little in a highly watched speech from Jackson

Hall. But the most notable moment on Friday came when Trump tweeted, quote, our great American Powell, for his part, said fairly little in a highly watched speech from Jackson Hole.

But the most notable moment on Friday came when Trump tweeted, quote, our great American companies are hereby ordered to immediately start looking for an alternative to China, including

bringing your companies home and making your products in the USA.

Now, to be clear, Trump put the cart way before the horse here.

It's possible he could declare a national emergency and then order U.S. business to leave China, but that's not what he did. And even were

he to do so, there'd be all sorts of legal challenges and maybe even push back from congressional

Republicans, since the business disruptions would be felt from coast to coast and everywhere in between, let alone in 401ks. Why it really matters, though, is that Trump is becoming

even more impulsive on the trade wars, particularly when stocks are down, and it's causing an

enormous amount of uncertainty for U.S. businesses, which could lead to decrease short-term investment

and hiring. No one I've spoken to really thinks Trump will force U.S. companies out of China,

but it's the sentiment behind his threat that suggests things will get much worse before they get better.

The U.S. economy right now still really does appear to be in good shape,

despite some recessionary warning signs.

And, for example, last week or in the week before,

we have seen really

strong earnings from consumer-focused companies like lows and Target. But more days like Friday

...