Scott Simon

The message from the market could not be any clearer. The market likes global trade and does not like anything that interferes with that. When President Trump was running interference with his deep tariffs, the market sank. When he suspended some of those tariffs, the market soared. The Dow Jones Industrial Average jumped more than 2,700 points yesterday. The S&P 500 Index was up more than 8.5%.

But... Keep in mind, that's only about two-thirds of what the market had lost since the president first announced these tariffs last Wednesday. So even with this partial ceasefire, the trade war has left a mark.

But... Keep in mind, that's only about two-thirds of what the market had lost since the president first announced these tariffs last Wednesday. So even with this partial ceasefire, the trade war has left a mark.

But... Keep in mind, that's only about two-thirds of what the market had lost since the president first announced these tariffs last Wednesday. So even with this partial ceasefire, the trade war has left a mark.

That's right. There's still a 10 percent tariff on nearly everything the U.S. imports, and that's significantly higher than we were paying a few months ago. But the tariffs Trump has suspended would have been higher still. So let's say you go to the grocery store and you're buying some Italian cheese to put on your pasta tonight.

That's right. There's still a 10 percent tariff on nearly everything the U.S. imports, and that's significantly higher than we were paying a few months ago. But the tariffs Trump has suspended would have been higher still. So let's say you go to the grocery store and you're buying some Italian cheese to put on your pasta tonight.

That's right. There's still a 10 percent tariff on nearly everything the U.S. imports, and that's significantly higher than we were paying a few months ago. But the tariffs Trump has suspended would have been higher still. So let's say you go to the grocery store and you're buying some Italian cheese to put on your pasta tonight.

This time yesterday, there was a 20% import tax on that Pecorino Romano. Today, the tariff is half of that. So are you grateful you can grate for less or disappointed that the tariff is still higher than it was before Trump took office? I spoke to Philip Marfugi, who runs the Ambriola Company. That's a big cheese importer in New Jersey. He would rather see no tariffs.

This time yesterday, there was a 20% import tax on that Pecorino Romano. Today, the tariff is half of that. So are you grateful you can grate for less or disappointed that the tariff is still higher than it was before Trump took office? I spoke to Philip Marfugi, who runs the Ambriola Company. That's a big cheese importer in New Jersey. He would rather see no tariffs.

This time yesterday, there was a 20% import tax on that Pecorino Romano. Today, the tariff is half of that. So are you grateful you can grate for less or disappointed that the tariff is still higher than it was before Trump took office? I spoke to Philip Marfugi, who runs the Ambriola Company. That's a big cheese importer in New Jersey. He would rather see no tariffs.

Americans are already unhappy about the cost of groceries. Even a 10% import tax is not going to help with that. Marfuji says some companies may shift to smaller packages to try to mask the cost of these tariffs. And since imported cheese is going to cost more, he suspects domestic dairy producers will raise their cheese prices as well.

Americans are already unhappy about the cost of groceries. Even a 10% import tax is not going to help with that. Marfuji says some companies may shift to smaller packages to try to mask the cost of these tariffs. And since imported cheese is going to cost more, he suspects domestic dairy producers will raise their cheese prices as well.

Americans are already unhappy about the cost of groceries. Even a 10% import tax is not going to help with that. Marfuji says some companies may shift to smaller packages to try to mask the cost of these tariffs. And since imported cheese is going to cost more, he suspects domestic dairy producers will raise their cheese prices as well.

When it comes to China, the trade war is still very much in force. And that is a headache for people like Bonnie Ross. She imports clothing from China to sell at discount stores like Burlington and Deedee's. Ross notes that over the last week, Trump's tariffs on Chinese goods have gone from 20 percent to 54 percent to 104 percent and now 125 percent.

When it comes to China, the trade war is still very much in force. And that is a headache for people like Bonnie Ross. She imports clothing from China to sell at discount stores like Burlington and Deedee's. Ross notes that over the last week, Trump's tariffs on Chinese goods have gone from 20 percent to 54 percent to 104 percent and now 125 percent.

When it comes to China, the trade war is still very much in force. And that is a headache for people like Bonnie Ross. She imports clothing from China to sell at discount stores like Burlington and Deedee's. Ross notes that over the last week, Trump's tariffs on Chinese goods have gone from 20 percent to 54 percent to 104 percent and now 125 percent.

Aside from the cost, which is significant, there's also just the uncertainty. Bonnie Ross typically places big clothing orders five months out so there's time to make and move the clothes across the ocean. How do you do business in an environment where you don't know what the tariff's going to be this afternoon, let alone during back-to-school shopping season next September?

Aside from the cost, which is significant, there's also just the uncertainty. Bonnie Ross typically places big clothing orders five months out so there's time to make and move the clothes across the ocean. How do you do business in an environment where you don't know what the tariff's going to be this afternoon, let alone during back-to-school shopping season next September?

Aside from the cost, which is significant, there's also just the uncertainty. Bonnie Ross typically places big clothing orders five months out so there's time to make and move the clothes across the ocean. How do you do business in an environment where you don't know what the tariff's going to be this afternoon, let alone during back-to-school shopping season next September?

You know, for the moment, at least, investors are relieved by this 90-day pause on at least some of the president's tariffs. But it has been a very rocky seven days. And the roadmap could change at any moment with another stroke of the president's big Sharpie pen.