What happens with zero tariffs—for now

President Trump promised tariffs across the board with trade partners on Day 1-he did not deliver. Here's what to expect with the stock market

SPY ETF 4-Hour Chart

One of the campaign promises we would expect on “Day 1” was across the board tariffs on trade partners. The market actually prepared for that and softened on the expectations of how the tariffs would affect trade & the US economy. We did not get tariffs. Instead, President Trump singed an executive order to various departments of the government to look into unfair trade practices.

This tells me that we will not be seeing across-the-board tariffs, but may see a far muted tariff scheme. The potential ‘damage’ to economic growth with, therefore, be far muted.

What is next?

Mostly, we circle back to the current economic outlook and start to analyze economic growth along with jobs & price pressures.