Oh, yeah, that is _very_ much how the markets are treating it. The idea that these tariffs might be _permanent_, is very much not priced in, at least not for the moment.
Even if they are permanent it'll be smarter for many companies to move manufacturing out of the US rather than in. If they're permanent the retaliatory tariffs other countries instituted in response to US tariffs mean that it'll be cheaper to build outside the US if selling outside the US. And the market of "not the US" is much bigger than the US market, so investing in the not-US market is more likely to lead to growth than investing in the US market.
