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— October 29, 2025

Tariffs, Class, and the Markets: What Gary Stevenson Got Right

This week, I’ve been reading Gary Stevenson’s book The Trading Game, shoutout to him and the incredible work he’s doing helping people understand macroeconomics and inequality.

Back in April, Stevenson posted a video about tariffs, arguing that they act as a tax on the poor and middle class, essentially raising prices on everyday goods while barely affecting the wealthy. He also explained how the pullback in markets was an opportunity for the rich to get even richer as they could afford to buy into the downturn and reap massive gains as the market recovers even further pushing the divide.

And that’s exactly what we saw play out. When markets pulled back around Liberation Day, it created a temporary dip that wealthier investors were able to ride straight back up and beyond.

Connecting the Dots

At Wall Street Game Notes, this is the type of insight we love — where macro meets markets.
Policies like tariffs don’t just show up in headlines; they show up in prices, margins, and investment behavior. Understanding how these forces connect helps investors at every level make smarter decisions and see through the noise.

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Why It Matters

We’re here to make these topics accessible.
From global policy moves like tariffs to company earnings and AI investments, our goal is to help people understand markets, technology, and the future — and to give investors of all levels the confidence to navigate it.

Big week ahead, and plenty more to cover. Stay tuned.

Oh…and of course, Gary’s full video on tariffs last April: