Markets do not believe only Trump in tariffs

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Good morning. Shares of Tesla fell yesterday after yesterday, after the announced the new US political party in the United States. Karmaker’s investors showed that they are tired of the political antiquity of the billionaire, very clearly. Musk either does not care or just can’t be far away. Email us psychological theories: gear staircase.

Ninety deals in 90, waiting, 113 days and this time serious

The deadline, no one’s surprise, was never a deadline. Countries were meant to discuss or interact with the US trade deal with the United States tomorrow tariffs In April, a level of detailed detail on this popular poster board of the poster board. Now the big day withdrew First, August. Or: Treasury Secretary Scott Bessent, the main work becomes a policy that has become politics, often notes. As the President himself, the deadline’s deadline should be taken seriously, not as if. “Seriously”, because Trump decides to apply the last term, it can be seismic. “In the true sense of the word” because it is probably not.

What will happen in the next three and a half weeks (and probably more)? The first of the President, which is subject to the change in the change of Japan and South Korea “depending on our country of country”, we had a taste of the first, when he encounters 25 percent of the first. It sounds terrible. The couple are the largest trade partners in the United States after Canada, Mexico and the EU. In 2024, they made 9 percent of the import of the United States and 7 percent.

However, instead of panicing the market, he gave an oppressed squeaking equivalent. S & P 500, when the announcement hit the announcement, one more fifth more than one percent more. Dollar, Korea won and strengthened up to one hundred percent hundred percent. Tokyo and Seoul, opened capital in APSWing: Korean Kosepi index, Japan’s Nikkei 225 index in the first two hours rose 0.4 percent. Humble actions are perfectly rational. The new proportions for one would not increase the effective tariff rate in both countries. Paul Ashworth, a capital economy, clients were told in a note that new proportions

Do not apply to the goods that are subject to Trump-specific tariffs, 34 percent of the two countries are 34 percent of a term of 50 percent to 50 percent, adding to EXEFRECT electronics and pharmaceuticals. . . If Trump uses his threat, the total effective tariff rate on US imports will increase by 15.5 percent to 16.6 percent.

And why would it be panic about any management verdict at this point? Even the agreements are also visible for further negotiations. Liz Ann Charles Schwab’s recent periods, in most cases, they put us in the framework of “not trade agreements.” Trade deals have historically significantly significantly significantly significantly sign a bilateral significance, and the other within 40 to 45 months. Rare earth exports with China with China Actually only one escalation – Trump management did not disclose any details of the Agreement and exported to US companies Wall Street Journal.

Chinese talks admit that it is a special job. Deals on the United Kingdom and Vietnam can tell you more about what other countries can hope. But again, US-UK-UK contract It was just a framework. Bought aerospace products released from tariffs in exchange for English carmakers and tariffs, beef, ethanol and industrial import. Our colleague Alan Beattie deflected him so:

In the United States, you can give a chance to a relatively small open economy, which is a relatively small open economy, which is a relatively small open economy, which is a relatively small open economy, but politically brave cars and steel exporters will be traded.

There is a signal in the contract. Last year, the United States had a trade surplus of England, and the agreement did not produce 10 percent universal tariffs. Thus, other countries should expect to not go below the floor of 10 percent.

The latest agreement with Vietnam is the closest thing for a “correct” agreement: “Caveat is more than a 40 percent of South Korea and Japan. Last year, South Korea and Japan are rich in South Korea and Japan, and Japan are richer and more share of US exports Chose; The amount for each country is more than five times more than five times. This and important U.S. military unions, each country of the United States, are stronger negotiations to these countries.

The tariff game is still in a short time – somehow – in his prelude. Agreements with large trading partners who will deny the market are significantly starting in case of agreements; The market meets these agreements; The President meets the market’s response. The frequent thesis of this newsletter will be withdrawn from any tariff that awakens a continuous negative response from markets. Only when the markets are sure that we will be stuck in a certain agreement, they will force the issue with it. We remain a long way from there.

US shares and bond markets, secondary tariffs, all trading partners have a little more and a little more and several specific sectors, the lack of more than economic growth or profit. And just ignored the threats of Trump’s more violent tariffs. A great question shows that investors are suddenly resolved when investors exploded with the negligence of markets and the sustainability of the economy.

In addition to Trump, if you may have a “Trump Call” next to Taco Trading, Charles Schwab Miracles and

As in the market, as well as from April 9, with economic data and inflation data, perhaps the full effect of tariffs, but does not work any extent. . . Is the administration to build for the desire to continue to press things from just one tariff prospect?

We think it’s worth worrying.

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