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.
在通过其削减税收的“伟大而美丽的法案”后，唐纳德•特朗普正忙于重启其保护主义议程。上周，这位美国总统将他所谓“解放日”进口关税的90天暂停期延长至8月1日，并向主要贸易伙伴写信及发布激烈的社交媒体帖文，激将他们尽快与其政府达成协议。他还提议对铜征收50%的关税，对药品征收200%的关税。然而，华尔街反应平淡。标普500指数仍在接近历史高位的水平交易，较4月2日特朗普首次宣布“对等”关税后出现的低点上涨了逾25%。