US equities are down 25 points after the open, which is a halving of futures. The dip buyers have waded in over the past couple trading days as the weak hands are shaken out.
I can see the argument for a better or a worse-than-expected announcement today. One thing I’m sure of is that this won’t be the end of tariff threats, negotiations and fighting. There’s this longing for certainty in markets and, unfortunately, I think we are going to be waiting for a long time for any clarity on how imports into the US will be treated.
But in terms of sentiment, it’s bad right now and that’s usually a good thing for risk assets.