What Happened to the “Trump Put?”
Tariff flip-flopping weighs on equities
Highlights
• Tariff flip-flopping weighs on equities
• Retailers expect consumers to push back on tariff-led price increases
• Cracks emerge in the once-hot U.S. labor market
• Fiscal stimulus in Europe presages a bull market in the euro
Key Takeaways
• Bull Market in Flip-Flopping: Well, there is a bull market all right and it is in flip-flopping. Just a day after saying Mexico and Canada had no chance to avert the 25% blanket tariff, the President decided to offer up one of his famous “reprieves,” stating that the two countries now have until April 2nd to show greater results on the fentanyl and border files (the “reprieve” covers everything under the USMCA).
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