The core reason for today's slight market rebound is that Trump is once again implementing "TACO." This repeated last-minute maneuver indicates that either one or two key trade partners have not yet reached an agreement, or it involves coordination issues with the Federal Reserve. The EU and Canada-Mexico are basically within expectations, while the most uncertain factor is China. China has neither been included in the list of 14 countries nor received a public tariff notice, which likely means a separate arrangement, and the timing is still in negotiation.

On the other hand, the role of the Federal Reserve cannot be overlooked. The combination of tariffs and the "Big Beautiful Plan" will heighten inflation expectations. Once these measures are implemented simultaneously, the difficulty of interest rate cuts will increase sharply, leading to a decrease in market risk appetite. Therefore, Trump is likely to use this time to finalize the next Federal Reserve chair while creating internal pressure and raising market expectations to offset the negative impacts of tariffs.

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