Shortly after insisting that there was nothing which could prevent tariffs against Canada and Mexico, Trump called off the tariffs.
No amount of political or diplomatic pressure had worked. But, the market – which Trump dearly cares about – called BS on the assertion that tariffs aren’t inflationary.
The S&P500’s 2% gap down was apparently more convincing than scores of economists.
At this point, we’re left with the expectation of a 10% tariff on some Chinese imports and vague rumblings about tariffs on European imports.
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