President Trump Blinks For Now, But Tariffs Remain High

2025-04-11 02:45:00 ET

Summary

• The market had been looking for a signal that Trump would blink from the most draconian actions taken last week.
• The 10% universal tariff rate represents a possible headwind to U.S. growth of up to 1 percentage point and a similar possible impact on inflation.
• Tariff levels, even after Wednesday’s blink, could have significant implications for growth and inflation.

On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda....

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