It would… go up. Probably not back to normal, because previously the markets were largely assuming that Trump was just bullshitting about tariffs. What can happ

It would… go up. Probably not back to normal, because previously the markets were largely assuming that Trump was just bullshitting about tariffs. What can happen once can happen again. For that matter, it is likely that these tariffs are not fully priced in; obviously there is still the chance that Trump turns around and says “only joking” (this pretty much happened with the main Canada and Mexico tariffs a month or so ago), and there is the chance that congress will put him back in his box (his power to do anything with tariffs is entirely within the gift of congress).