Globalization has been great for U.S. corporate profit margins 🌎

Plus a charted review of the macro crosscurrents 🔀

📈The stock market rallied to all-time highs last week, with the S&P 500 setting an intraday high of 6,187.68 and a closing high of 6,173.07 on Friday. The index is now up 5% year to date. For more on how the market moves, read: Stocks usually look past geopolitical events 🫣

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The prospect of higher tariffs and other unfriendly trade policies is bad news…