The stock market surged today in response to President Donald Trump’s decision to pause tariffs on all nations except China for the next 90 days. Many are saying that Trump has abandoned his nationalist protectionist agenda.
But the Trump administration left the flat 10% global tariff in place, raised tariffs on Chinese imports to 125%, kept 25% tariffs on steel, aluminum, and autos from Canada and Mexico, and is moving forward with tariffs on copper, lumber, semiconductors, and pharmaceuticals.
Moreover, there remains significant uncertainty about future trade relations between the US and other nations, which may not end in 90 days.
As such, we remain in the messy transition to a new global economic and security order, and there will thus likely continue to be a considerable amount of volatility and uncertainty in the months and perhaps years ahead.
