The Globe and Mail reports in its Tuesday edition that stock markets are at once seen as wise -- the collected wisdom of all participants -- while also being prone to huge delusions. The Globe's Tony Keller writes that the market usually gets it right. Except when it gets it wrong. So, which one is today's stock market? With U.S. and Canadian markets at all-time highs, the collective is prudently ignoring U.S. President Donald Trump's escalating tariff threats because they discern the threats are hollow. Over the weekend, Mr. Trump used the White House mimeograph machine to churn out letters for the European Union and Mexico, threatening 30-per-cent tariffs. Ho-hum. In April, after Mr. Trump unveiled his "Liberation Day" tariffs on the entire world, the market believed that the President was either serious or had lost his mind, and it had a meltdown. Mr. Trump responded by suspending those tariffs for 90 days, and last week he suspended them again, until August. What the market appears not to be considering is that Mr. Trump really, really wants tariffs and administration officials have repeatedly referred to 10 per cent as a new minimum that countries can expect to face, with threats of 30 per cent not going away.