New Trump Tariff Threats Should Be a Big Deal. They're Not
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:
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