Neither the European or American markets have reacted at all on this limbo we have been dancing the last couple of weeks - none takes the clown serious anymore (I think it would have reacted worse to 15% or 10% and it knew he would go through it) -
Over time, markets appear to panic less to Trump threats because he always seem to chicken out by extending deadlines. If tariffs are fully imposed, economists expect US would suffer lower economic growth, higher inflation and unemployment. Americans importers pay for higher tariffs and foreign exporters sell less to US. Other countries really cannot stop reckless Trump from harming the US. Lack of trade deals suggest best option may be for other countries to wait until end of insane Trump term.