Trump Offers Some Breathing Room on the Tariff File
Trump avoids imposing tariffs on day 1, calming markets
Highlights
• Trump avoids imposing tariffs on day 1, calming markets
• Seven years of profit growth are embedded in current stock prices (extreme!)
• Constructive CPI data green light a BoC rate cut next week
• No, this is not the Roaring Twenties
Key Takeaways
President Trump’s Initial Policy Moves
• The situation obviously is fluid, but what had equities and Treasuries excited — which was reflected in yesterday’s U.S. dollar giveback — was that on day one, President Trump did not add broad-based tariffs to his litany of executive orders.
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