Are markets right to now dismiss US tariff risks?

With one month to go until the “pause” of the Trump administration’s “reciprocal tariffs” is, at least in principle, set to expire, market participants continue to take a pretty relaxed view of the risks around US trade policy. That probably makes sense, given the administration has ultimately shied away from measures that would do major damage to key asset markets, although there may be some renewed jitters as that deadline draws nearer.