Tariffs "thunder without rain," the market is learning to coexist with uncertainty

Trump's cancellation of the threat of tariffs on Europe once again confirms a reality: the market has gradually adapted to a policy environment of "high-frequency uncertainty." The thunder is loud, but the policies that actually materialize are often more restrained.
In the past, similar threats would often trigger intense volatility; now, market reactions are noticeably more stable. This is not because risks have disappeared, but because capital has learned to distinguish between "bargaining chips" and "genuine implementation."
This change has profound implications for investment logic. A single political statement is increasingly unable to alter the medium-term market trend; the true determinants remain economic fundamentals and liquidity conditions.
For investors, this is actually a sign of maturity. Instead of being led by policy rhetoric, it’s better to focus on which variables will truly change profit expectations and capital structures.
The withdrawal of tariff threats will not rewrite the global economic landscape, but it reminds the market: in an era of high uncertainty, calmness itself is an advantage.
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