The Turbulence tariff is not over despite Trump’s 90-day delay

The markets are again excitedly than 24 hours after the S&P 500 organized its best single day rally since 2008 when President Trump’s 90-day tariff delay cheered.

The White House confirmed on Thursday morning that the total number of tariffs in China will now be 145% if the existing 20% ​​potential is already available. The news was a surprise for the market when President Trump published the social of the truth on Wednesday that the tariff rate defended for China would be 125%.

Shares met their lows of the session in the news. The S&P 500 (GSPC) fell by over 3.9%, while the technical and hatred Nasdaq network (IXIC) fell 4.5%. The Dow Jones Industrial Average (^DJI) fell over 1,300 points or more than 3%.

The reversal of the markets reflects how many strategists and economists in Wall Street talk about the current score. On Wednesday, Trump removed the worst scenario for investors who were concerned about tariffs who slowed down economic growth. But this step could only be temporary. It’s just a “90-day break”.

And since the rapid shift of the tariff tariff on Thursday reminds investors, all of these uncertainties about Trump’s financial policy does not go anywhere.

“I still think that this more” sells “as” Buy the DIP “(in shares) – many problems continue, but it is nice that the president withdraws and concentrates on China,” wrote Renaissance Macro manager of economics, Neil Dutta, wrote in a note during the Rally on Wednesday. “The problem is a longer uncertainty.”

Economists like Dutta are still discussing the United States, which later enter the recession this year. The data of economic growth have slowed down to start in 2025, and the fear that companies will invest less because they are waiting to hear more information about tariffs is still a shadow about the prospects for shares.

“Overall, we are still where we were,” said Brent Schutte, Northwestern Mutual Wealth Management Company Cio, to Yahoo Finance on Thursday. “Certainly part of the tensions have come out of cooking, but there is still a lot of uncertainty. And for me, uncertainty means that people are more undecided, CEOs and consumers alike. And that is the risk in the next 90 days.”

This means that the prospects for listed companies are probably still cloudy. Strategists do not believe that the impending round of financial reports in the first quarter, which begins with large banks such as JPMorgan (JPM) on Friday, will change this picture very much.

“One of the big concerns we currently have is that the upcoming reporting time appears a little like a box with (potentially bitter sweetness) chocolates for us – we are not sure what we will get,” wrote RBC Capital Markets Head of Us Equity Strategy Lori Calvasina on Thursday morning in a note.