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Outside the Box
Investors should reset their views about Trump’s priorities and goals during this 90-day trade war cease-fire
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President Donald Trump’s 90-day pause on trade tariffs for everyone but China instantly revived the American economic exceptionalism narrative. The headlines will shift to U.S. tax cuts — and the promise, for now, of a gradualist approach to tariffs led by Treasury Secretary Scott Bessent, not trade-policy architect Peter Navarro.
But tariffs aren’t going away. This is a pause, not a full reversal. The geopolitical and economic policy problems that tariffs might help solve aren’t going away either. For instance, the many U.S.-China issues, from hot wars and proxies to trade rebalancing, are still burning.
