The stock market has learned to love President Donald Trump’s tariffs.
Wall Street revolted in April after the president unveiled plans for the highest U.S. import taxes in more than a century. Stocks lost nearly 12 percent of their value in less than a week, while the rate on the 30-year Treasury bond made its biggest jump since 1982.
The financial market gyrations caused the president to back off and pause the tariffs to open a 90-day negotiating window. The weeks that followed were a blur of tariff attacks, retreats and confusion emanating from the White House.
But since its early April low, the S&P 500 has shrugged off its disquiet over trade policy to gain an astonishing 26 percent. The president has celebrated the market rebound as validation of
his disruptive bid to reshape global trade.
The danger now is that either Wall Street or the president will go too far.
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