If no trade deals are announced by the end of the 90-day pause (around July 3, 2025), Trump will re-impose tariffs around July 9, 2025, causing the market to decline.
"But the 90-day pause ends in 14 days, which means that if we don't get some announcements of trade deals in the next 14 days, the tariff noise may come back to the market. And if tariff noise comes back to the market, then maybe we could actually get the market starting to come down again as Trump carries on talking about all the tariffs... And if we don't get the trade deals, then he's going to stand up on the day of the 9th of July, he's going to get up on the 9th of July and he's going to say, 'All right, we didn't manage to do deals with the EU and blah blah, and now I'm putting the tariffs back on. And this time, I'm not removing the tariffs until and unless we have a deal.' And if that happens, then the problem is that markets are going to start going down again. So heads up for the 9th of July. You have been warned."