Markets’ 90-day tariff pause rollercoaster nears an uncertain end

GDANSK/LONDON: The deadline US President Donald Trump set for major trading partners to strike deals with Washington or face hefty tariffs expires next week, bringing to a close 90 days of volatility but leaving global investors in the dark over what will happen next.

Trump’s propensity to issue a threat, or impose a new tariff, only to reverse course shortly afterwards has led to turmoil over the past three months.

Investors, however, have now become somewhat inured to this sort of policymaking on the fly. And, as a result, there is little evidence at this point that many are preparing for fireworks on July 9. Instead, most expect some kind of delay, pause or compromise.

What that will look like, however, is anyone’s guess.

Here is a snapshot of where major markets are now, relative to where they were when Trump dropped his initial tariffs bombshell on April 2: Global stock markets have staged a strong recovery following the intense volatility triggered by Trump’s tariff announcement.