So, what happens now that President Donald Trump has art-of-the-dealed his way out of his own centerpiece economic initiative because it nearly broke financial markets?

It's going to take more than a reciprocal tariff pause to keep Wall Street's biggest bear from roaming the markets and heading into hibernation. "Based on my calculations, the tariff rate is still quite high — at least as high as anything we have seen since the 1930s,

“Our sense is clients are way too optimistic about reaching deals with our trading partners,” Laperriere said. “We’re likely to get whipsawed by good news and bad news and uncertainty is likely to stay extremely elevated. Some tariffs will go up and some will go down. But as of this morning, we are at Smoot-Hawley levels. This is far from over.”