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 2^nd to show greater results on the fentanyl and border files (the “reprieve” covers everything under the USMCA).