Full summary of what just happened with Trump's tariffs, what I think happens next, and the big looming unknowns.👇 What happened: • Trump orders a 90-day tariff pause, with a lower reciprocal tariff of 10% for all nations except China • Just hours prior, Trump posted that it's a "great time to buy" • Raised tariff on China to 125%, effective immediately (trade war is basically US vs China now) My take: • The tariff can will likely continue to be kicked down the road beyond the 90-days • Main negative is that tariff resolution is now stretched into the mid-term, which creates a slight overhang vs fully resolving now (even though it would've been immediately more painful) • On one hand, this definitely improves the short-term outlook of the market (gives us real runway for relief for the first time in a while), but on the other hand - more pain in the short-term would've led to much more aggressive monetary policy longer-term (rate cuts, QE) Unknowns: • Is the market fully pricing in a China deal? If not, and one comes - market would likely explode • A lot of this hinges on China's willingness to negotiate with the U.S. • How will allies handle the 10% rate? Will supply chains reroute fast enough to dodge China’s fallout? TLDR: From a market POV: Better short term, potentially worse long term.