The president has watered down some of his trade demands, but that’s created confusion in the markets and has forced his administration to adapt its messaging.

While many investors are focused on the reeling stock market, the real economic story may be playing out in the 10-year Treasury yield.

Few would argue with the claim that President Trump's tariff policy is chaotic. In early April 2025, Trump announced sweeping tariffs on all U.S. trading partners, including a 10% blanket tariff and higher rates for specific countries like China (145%) and Canada (25%).