Last week, I wrote: “Trump said that he was not looking at the market, while Powell said that he was not about to offer imminent relief. This is pure nonsense. Everyone looks at the market and no one wants to take the blame for a self-inflicted recession. Someone will then capitulate on a whim as pressure mounts from industry, pointing to the ultimate tariff rate, supply chains and spending plans; and from consumers, pointing to prices, quality and supply of goods. This is why I believe the US will only keep the 10% tariff rate permanently for all goods entering the U.S. as payment for global military protection, while reciprocal tariffs and specific tariffs will be amended through negotiation.”
A Macro Market View by Hubert Marleau
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