The global market is collectively holding its breath while US President Donald Trump carefully and calmly considers his response to the US Department of Commerce’s 232 investigation. The department’s preliminary recommendation was either a blanket tariff of 24% on every country and every product, a 53% tariff on 12 countries with 100% 2017 quotas on the rest, or 63% 2017 quotas across the board.

Rest assured, President Trump is putting more thought into this than he would a 3 AM tweet. After all, there’s a lot at stake.

Then-candidate Trump ran on a platform of jobs, jobs, jobs in 2016. He and Vice President Mike Pence admitted in a listening session with Congress earlier this month that the 232 national security investigation was mostly about national security, but also mostly about retaining and breeding American manufacturing jobs.