Last week, 'shorting America' nearly became a global consensus, highlighted by a surge in U.S. sovereign credit risk. Trump unexpectedly reversed course less than 13 hours after announcing the implementation of reciprocal tariffs, delaying the highest tariffs for over 75 countries for 90 days. Previously, he insisted that he would 'absolutely not consider a pause,' and the White House also denied this as 'fake news'.

Due to the Trump administration's flip-flopping on import tariffs, market panic escalated. U.S. stocks continued to decline on Friday after a University of Michigan survey showed a deterioration in consumer confidence and a spike in inflation expectations. However, with Federal Reserve voting member Collins stating that they are 'absolutely' prepared to help stabilize the market if necessary, along with a malfunction in the U.S. tariff declaration system, all three major stock indices gained some breathing room. Coupled with Wednesday's intraday reversal, U.S. stocks recorded their best weekly performance in over a year.

As the tariff barometer fluctuated between 850-750, the back-and-forth volatility continues.