I don’t believe it’s particularly clear yet. Canada/Mexico are sort of offset from the rest of the tariff situation. So far as I can tell we weren’t subject to the reciprocal tariffs that he announced a week ago and abruptly dropped to a flat 10% today.
Trump is still leaving huge uncertainty in the markets. While there’s been a huge surge today, the broader market indices are still down quite a bit from a few weeks ago. There are still tariffs in place, and 10% is still enough to hurt a lot of businesses. Trump is still wielding tariffs the way a vexed drunk wields a broken beer bottle; it’s just really hard to tell if he’s actually going to commit to stabbing you with it. Companies cannot be confident in what will be true in three days, three weeks, or three months. Planning growth, expansion, onshoring or offshoring is a gamble. He also continues to weaken the rule of law that’s a key foundation to America’s attractiveness as a stable and predictable business environment.
He will, I’m sure, crow about what the markets did today, and his sycophants will try to pretend this is 5D chess. It’s not, and he’s still causing damage.
