The markets in particular, though, were willing to suspend disbelief far longer than most, with pricing early this year reflecting a future in which Trump simpl

The markets in particular, though, were willing to suspend disbelief far longer than most, with pricing early this year reflecting a future in which Trump simply didn't any of the stuff he had explicitly said he would on trade. They are still suspending some disbelief; current pricing does not reflect a view of the future in which Trump's tariffs hang around for long. The markets in general have a bit of a 'nothing ever happens' bias; their response to the US president doing really weird insane stuff is, still, largely to go "oh, well, it'll probably all be undone next week", and in fairness he _does_ seem cowed by the (so far moderate) market response, and it has caused him to blink a few times.