US president makes U-turn

President Trump's surprise announcement that he would reduce tariffs on almost all countries except China to 10 percent for a period of 90 days caused euphoria on the stock markets. The lower tariffs do justify a higher valuation of risky asset classes, but at the same time, the coming weeks and months will remain characterized by a high degree of uncertainty. The tariffs are still subject to a significant increase, the trade conflict with China continues to escalate and the moratorium on tariffs is only valid for 90 days. This means that the overall burden on the economy remains considerable.