...this morning's announcement that there was no announcement on tariff exemptions on phones & semis yesterday (when there was) shows that policy uncertainty is all based on Trump's whims and fancies; incoherent, unreliable and absolutely unhinged and blindsiding.
...trade at your peril, the tariff clown show isn't over by a long shot. Trump probably felt 'humiliated' by an apparent back-down and decided to look 'strong' again.
BREAKING :
Trump just clarified: semiconductors, computers, and smartphones are moving into a new 20% tariff bucket, not exempt, just reclassified. That’s steep, but still far below the 145%+ tariffs some smaller importers face. https://x.com/TheStalwart/status/1911505333748457647
Sentiment check: The biggest rally of the year would come on the day Lutnick gets fired. I suggest the administration figures out who controls the message, whatever it is, as it changes every day. US business can’t plan or invest with the constant back and forth. https://x.com/NorthmanTrader/status/1911427784972316868
A new kind of geopolitical risk premium -- Canadian and Danish institutional investors are, umm, reconsidering the extent of their exposure to the United States. https://x.com/Brad_Setser/status/1911464392769569226
