In case you missed it, Trump said overnight that he’s “going to be nice” on tariffs, adding that in some cases tariffs will be substantially lower.

Of course the back and forth of the past weeks can’t give any conviction and this could just be noise ahead of the plan unveiling tomorrow which is scheduled for 15:00 ET.

Nevertheless, the news helped to turn the sentiment around with risk assets like stocks and bitcoin higher on the day. Today we also get the US ISM Manufacturing PMI and the US Job Openings data, which might both be weak.

All the data this week is backward looking though because the weakness was caused by the uncertainty and fears around high tariffs. If we get better than expected tariffs news tomorrow, the markets will likely forget about everything and just bid risk assets. Conversely, worse than expected news will likely exacerbate the growth fears and trigger another wave of risk-off.