Trump withdraws the tariff stick, not because he has become gentle, but because he has a clear account of the situation


When Trump announced the cancellation of the threat to impose tariffs on Europe, the market's first reaction was not "world peace," but "he has finally calmed down." After all, on the issue of tariffs, Trump has always been to shout first, then calculate, and finally change. On the surface, it seems like a concession to Europe, but in fact, it is a very realistic cost calculation.

Although domestic inflation in the US has eased recently, it is not stable. Imposing tariffs on Europe would only reignite imported inflation, creating policy dilemmas for himself. More importantly, Europe is not an easy target to "pass on costs" to, and once the tariff game escalates, the backlash often comes faster. Trump's decision to stop this time is essentially not a strategic shift, but a phased stop-loss.

For the market, this kind of "withdrawal of threats" instead signals short-term easing, and risk assets took a breath of relief. But do not misunderstand—this is not the end of trade frictions, but more like a "pause update." The story is still ongoing, just temporarily changing the playback rhythm. #特朗普取消对欧关税威胁