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