Tariffs haven't been implemented yet, but the market is applauding first. Has Trump's "bluff-style negotiation" won again?


Trump's negotiation style has always been straightforward and rough: turn up the volume to the maximum first, then observe the other side's expression. If the other side doesn't respond, he says, "I actually didn't mean to escalate." The recent threat to cancel tariffs on Europe is essentially this same "psychological game."

From the results, the US has retained bargaining chips while avoiding a real economic impact; Europe, while relieved, also understands this is only a temporary easing. Trump's goal is not really to throw a tantrum but to create uncertainty and gain the initiative in negotiations.

For the market, the biggest characteristic of this operation is: short-term benefits, long-term unease. Risk appetite may recover after the news settles, but companies and capital will not make long-term commitments because of it. In other words, this is not about restoring confidence but about emotional recovery. A rebound is possible, but the trend still needs to be observed.
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