The stock markets were unhappy Friday when President Donald Trump moved to impose tariffs onsteel and aluminum imports. Trump even tweeted “trade wars are good, and easy to win.”

Not so fast, says Ben Inker, head of asset allocation forGrantham Mayo Van Otterloo & Co. (GMO).

“He is wrong, and beyond the simple fact of his wrongness, atrade war is probably more dangerous for investors at this timethan at any other time in recent history given the implications itwould have for inflation, monetary policy, and economic growth,”said the GMO board member in a note to investors on Friday.

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Janet Levaux

Editor-in-Chief Janet Levaux has covered the financial markets since 1991, with a focus on financial advisors since 2005. After graduating from Yale and the Johns Hopkins School of Advanced International Studies (SAIS), where she studied global economics, Janet worked as a freelance financial and business writer in Japan, and then as a reporter and editor for Investor's Business Daily and the Bay Area News Group in California. She earned an MBA in 2007 and since then has helped lead key ThinkAdvisor projects like its Neal-Award winning reporting on Ken Fisher, Luminaries awards program and Women in Wealth newsletter.