Shuli Ren, Columnist

The Curious Market Timing of Trump’s Tariff Threats

October 13, 2025 at 7:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

A muted reaction as China’s markets believe tariff threats may not materialize. — A muted reaction as China’s markets believe tariff threats may not materialize.
Photographer: Qilai Shen/Bloomberg

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Donald Trump may know the art of dealmaking, but he certainly doesn’t know the art of stock-market timing.

The timeline of his latest trade spat with China is curious. On Friday morning, the S&P 500 Index was headed for another record before the US president announced that he would impose an additional 100% tariff on China. After the tech-heavy Nasdaq Composite Index closed 3.6% lower, his administration walked back the threat on Sunday, signaling openness to a deal with Chinese President Xi Jinping to quell trade tensions.