Trump’s apparent acknowledgement on Fox News that his policies, including tariffs, could cause a period of “transition” for the economy was also disturbing – since it appeared to indicate that short-term pain is in the offing and that he is prepared for a country weary of high prices for groceries and housing to endure it.

Buybacks have historically been an ace in the hole for companies looking to generate stock gains during lean times.

The president and his economic officials have indicated they are willing to endure short-term pain to reshape America’s economy.