Tariffs: How Good is Bad? The US-Japanese hadshake deal
The equity markets are rejoicing at the latest US tariff deals. I am not. And neither are bond markets or the US $. The Japanese handshake 15% tariff deal is better than the mooted 25% tariffs. But it still increases tariffs by 7 times compared to when this administration took office. I doubt very much that to US$ 550bn boost to Japanese investments in the US can be remotely delivered on. Putting this all together I would be very cautious about equities at the levels. I remain short the US$ and US Treasuries.