Reports that Bessent told lawmakers today that tomorrow’s tariffs are a “cap”
- the amounts announced tomorrow are the highest the tariffs will go
- counties could then take steps to bring the tariffs down
At the margin this is encouraging news. If its true. I’ve no reason to doubt Bessent but Trump’s whims are what counts. The best bet might be to wait for the announcement on Wednesday (4pm US Eastern time), but that’s unlikely to cut it with traders seeking to get in front of the market. Buy risk with a trailing stop looks to be a reasonable response to this.
US Treasury Secretary Bessent
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