After passing his tax-cutting “big, beautiful bill”, Donald Trump has been busy reviving his protectionist agenda. Last week the US president extended the 90-day pause on his “liberation day” import duties until August 1, and wrote punchy letters and social media posts to key trade partners, goading them to strike quick deals with his administration. He also proposed a 50 per cent levy on copper and a 200 per cent charge on pharmaceutical products. Wall Street, however, reacted nonchalantly. The S&P 500 continues to trade close to record highs, over 25 per cent above the lows it dipped to in the aftermath of Trump’s initial April 2 “reciprocal” tariff announcements.
在通過其削減稅收的「偉大而美麗的法案」後，唐納•川普正忙於重啓其保護主義議程。上週，這位美國總統將他所謂「解放日」進口關稅的90天暫停期延長至8月1日，並向主要貿易伙伴寫信及發佈激烈的社群媒體帖文，激將他們儘快與其政府達成協議。他還提議對銅徵收50%的關稅，對藥品徵收200%的關稅。然而，華爾街反應平淡。標普500指數仍在接近歷史高位的水準交易，較4月2日川普首次宣佈「對等」關稅後出現的低點上漲了逾25%。