The core reason for the slight market rebound today is that Trump is once again implementing 'TACO'. This repeated last-minute maneuver indicates that either there are still one or two key trade partners that have not been negotiated, or it involves coordination issues with the Federal Reserve. The EU and Canada-Mexico are basically within expectations, but the most uncertain factor is China, which is neither included in the list of 14 countries nor has it received any public tariff letters. It is likely to be arranged separately, and the pace is still in a game of negotiation.

On the other hand, the role of the Federal Reserve cannot be ignored. The combination of tariffs and the 'Big Beautiful Plan' will increase inflation expectations. Once this synchronously materializes, the difficulty of interest rate cuts will suddenly increase, and market risk appetite will instead decrease. Therefore, Trump is likely to use this period to finalize the next Federal Reserve Chair while creating internal pressure and raising market expectations to hedge against the negative impacts of tariffs.