The trade war was never going to be one-and-done. Trump loves tariffs too much and has too long of a list of grievances.

The lack of progress on trade deals over the past two weeks was a red flag and the 90-day deadline was ticking ever closer. He’s left himself an ‘out’ here by delaying this to June 1 but at the same time, I think he’s handing some leverage to China here in negotiations. How many fronts does the US want to fight at once?

The past two weeks have been a wonderful, placid moment and a glimpse into what could be, but until Congress takes away Trump’s ability to impose tariffs, then this dance will continue.