Markets So Unfazed By Tariffs That It’s Making Trump Bolder

To Donald Trump, the rallying stock market is evidence that Wall Street likes tariffs. But investors say they’re just counting on the US president to back down.

With the S&P 500 notching records despite promises that more tariffs are coming to everyone from Canada to Brazil to Algeria, Trump told NBC in an interview: “I think the tariffs have been very well-received. The stock market hit a new high today.”

The view among traders and strategists is largely the opposite. They don’t expect tariffs to come into full force, at least not as severely as Trump has threatened. That ...