At a minute past midnight, US Eastern time, on Wednesday (ie in just a few hours) I’ve little doubt that the new country-specific tariffs will come into effect, including the 104% rate on China.

Its going to be ugly.

But, perhaps there is a glimmer of hope that Trump will dial back his war on trade and economy.

I posted this earlier:

There was glee amongst MAGA at the ruthless cuts to aid, but it appears Trump has reconsidered the good that many of the programs do.

Yes, he is a stubborn man, but is this a sign that he’ll soon come around on tariffs, and dial them back? Real politik will, in the end, win out?

I expect it’ll still be some way off, and indeed, risk markets are continuing to be smashed here as I post. ES and NQ are still extending their losses.

Let me know your thoughts in the comments!