16 Apr 2025 Howard Marks Memo: Nobody Knows (Yet Again) - Portfolio The impact of the developments on tariffs extends importantly to the international arena and goes well beyond economics. Global trade has had an enormous beneficial effect on the entire world since the end of World War II. Along with expenditures to rebuild after the war, technological and managerial progress, improvements in infrastructure, and the expansion of capital markets, globalization contributed to a rising economic tide that truly lifted all boats. Some countries and some people did better than others, of course, but virtually everyone was better off. I believe it was because of this, among other things, that we’ve generally enjoyed peace and prosperity for the last 80 years. As a result, we’ve been privileged to live in the best period in history.