New Tariff Threats Should Be a Big Deal. They're Not
The risk is that too much ho-hum in the markets could be inflating the Trump Put.
Markets have stopped listening.
Photographer: Aaron Schwartz/CNPTo get John Authers’ newsletter delivered directly to your inbox, sign up here.
More drama on trade policy has been met by a continuing absence of drama in the markets. The 90-day pause on the Liberation Day tariffs concluded with President Donald Trump telling reporters at a cabinet meeting that he would levy tariffs of 50% on copper and 200% (!) on pharmaceuticals. In response, US stocks carried on with one of their dullest trading days this year. The S&P 500 closed down 0.07% on TACO Tuesday, exactly where it started the last day before the Fourth of July weekend: