The market is hiding a secret in plain sight. Ever since the “Liberation Day” reciprocal tariff panic, trade war tensions have been in retreat, and the S&P 500 has regained all of its losses and achieved fresh all-time highs. This has happened against a backdrop of continuing uncertainty over tariff levels imposed by the U.S. on its trading partners. The question is why.
That’s because despite all of the dire headlines about the imposition of a 25% tariff rate on Canada and 30% on Mexico and the European Union, the only trade war that matters is effectively over. China has won, and the stock market is rallying in relief.
The full post can be found here.
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