Confidence in Trump’s tariff strategy may be waning after no major trade deals have materialized, prompting speculation that the administration is shifting from a strategy of bold negotiation to tactical retreat. Analysts suggest Trump’s recent softening toward Federal Reserve Chair Jerome Powell after months of criticism may be less about calming the markets and more about managing blame for potential economic fallout down the line.

A few weeks ago, the White House said media and analysts had missed “the art of the deal” when it came to Trump’s tariff policy. Now that no such deals have emerged, Wall Street is speculating that President Trump is more focused on “the art of the retreat.”#TariffPause