Trump’s Give-and-Take Tariff Strategy

ington, new Boeing jet deliveries.) The Trump administration’s latest response: refocus the message. Trump’s give-and-take tariffs strategy was on full display on Monday with the president signaling he would consider an exemption for auto parts — “ ” to bring back manufacturing to the United States — but reiterating that levies on chips and pharmaceuticals were coming.

Auto stocks rallied on the news. But Nvidia, the chips giant that became the latest tech giant to , was down in premarket trading on Tuesday. Global investors have dumped their U.



S. stocks during the past two months, a Bank of America investor survey released this morning shows. They also fear tariffs sinking the global economy.

Fed officials and C.E.O.

s increasingly share those downturn concerns: David Solomon of Goldman Sachs on his bank’s earnings call on Monday, but he did warn that recession odds . On the bright side: Market volatility on Wall Street trading desks, including Goldman’s. warned that even its well-heeled customers were pulling back on purchases.

Its shares fell sharply on Tuesday — along with much of the sector — as the luxury goods giant warned that trade war uncertainty may force it to raise prices. , the president of the Atlanta Fed, said that companies faced a “fog” of uncertainty over shifting tariffs policy, putting the economy “in a big pause position.” His take: The Fed will have to go slow on cutting interest rates.

, the director of the National Economic Council, played down recession fears. And Treasury Secretary Scott Bessent said there was “ ” that foreign countries were dumping Treasury notes and bonds. The White House, Bessent added, has a “strong dollar” policy, despite Trump’s longstanding grumbles about its effect on exports.

(More on the dollar below.) The Treasury secretary said he meets weekly with the Fed chair, Jay Powell, signaling that relations between the administration and central bank are solid. “I believe that monetary policy is a jewel box that’s got to be preserved,” he told Bloomberg Television, playing down concerns that the White House might seek to pressure it to lower rates.

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