Nero Or Hero?

President Trump keeps walking back his tariffs, aligning with our Seven Steps of Maximum Pressure. Investors should expect a lot of back and forth over the next few weeks, including the dreaded Step 5 (“Leave the Bride at the Altar”). Already, Commerce Secretary Howard Lutnick has suggested that the tariff exemptions for electronics – which surged global risk assets today – would not last long. We hesitate to just declare the “all clear” and go outright long but are shifting our posture on global risk assets to neutral.