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A Threat, a Phone, a Reprieve (Sound Familiar?)
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A Threat, a Phone, a Reprieve (Sound Familiar?)

Once again, Trump withdraws his latest tariff threat…

David Rosenberg's avatar
David Rosenberg
May 26, 2025
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Early Morning with Dave
Early Morning with Dave
A Threat, a Phone, a Reprieve (Sound Familiar?)
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Highlights

• Once again, Trump withdraws his latest tariff threat…

• … sending equity futures higher as usual

• The DXY dollar index continues to slide

• Bitcoin rally fueled by flows, politics, and tech correlation

Key Takeaways

• The Tariff Pause Cycle Continues: We have heard this song many times before. The President issues an aggressive tariff threat. Markets sell off sharply. Then a phone call takes place (this time with European Commission President Ursula von der Leyen). A reprieve is given. And the markets bounce back smartly. Wash, rinse, repeat. The question is at what point credibility is lost. I suppose we shall find out on July 9th.

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