ASX set to rise after Wall Street rebounds on tariff roller coaster

Everybody’s hoping that the tariffs that have been implemented are just a negotiation tactic, but the longer they go on, the more they are going to pressure the overall economy and raise prices,

said Robert Pavlik, senior portfolio manager at Dakota Wealth

We are on the tariff roller coaster,

Wasif Latif, chief investment officer at Sarmaya Partners in New Jersey

'Fed cuts because of weak economic data' is not a good thing for markets anymore,

Citi equity strategist Drew Pettit said

The pressure this week is broad based, with notable weakness in small caps and growth, while global markets continue to lead,

said Mark Hackett, chief market strategist at Nationwide

We spoke with the Big Three auto dealers. We are going to give a one-month exemption on any autos coming through USMCA (the US, Mexico and Canada trade agreement),

Trump said in a statement, through White House press secretary Karoline Leavitt

If Lutnick's comments about giving relief on tariffs for Canada/Mexico holds, it would ease some of our concerns,

said Mohit Kumar, chief Europe economist at Jefferies

But these exports have to do with trade and productive integration [in North America]. … It’s not that complete cars are made here and exported to the United States,

Sheinbaum said, highlighting

He was elected, elected by his people, and it’s up to us to respect him, even though we don’t agree with a lot of decisions he makes, particularly those that affect Mexico,

she said

Claudia Sheinbaumpresident

But we always seek dialogue, coordination, always. Regardless of the issue, we have to seek coordination,

Sheinbaum said

So somewhere in the middle will likely be the outcome — the president moving with the Canadians and Mexicans but not all the way,

Lutnick said, apparently indicating

In other words, a very significant part of what people in the United States consume, particularly cars, are made here,

she said

There is very significant economic integration that has occurred throughout the last 40 years, and particularly in the latest period … [because] after the pandemic, a lot of companies that were in China decided to come to Mexico and set up here, or companies already in Mexico decided to increase their capacities,

she said

Karoline Leavittwhite House press secretary

They made the ask, and the president is happy to do it,

Leavitt told reporters

Claudia Sheinbaumpresident

What is produced here, when it goes to the United States is going to cost the United States 25 percent more ... if we put the same tax on return, then it will cost another 25 percent to return it, and to send it again, another 25 percent,

said Sheinbaum, arguing

The economic impact and consumer impact is still ahead of us,

said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute

Other countries have used tariffs against us for decades, and now it’s our turn to start using them against those other countries. On average, the European Union, China, Brazil, India, Mexico and Canada…And countless other nations charge us tremendously higher tariffs than we charge them…They’re about protecting the soul of our country. Tariffs are about making America rich again and making America great again,

Trump said

Justin Trudeaucanada Prime Minister

Because that will make it easier to annex us, is the second part of his thought, ... That is never going to happen."

said Trudeau

The long-term trend that we were in, which is the rally from the pandemic lows, has basically tapped out and on top of that you put Trump, whose policies - whether it's tariffs, deportations or the extension of the 2017 tax cut - are all going to hurt the economy or cause inflation,

said Bill Strazzullo, chief market strategist at Bell Curve Trading in Boston

Look, President Trump talked a big game on the economy, but it’s always important to read the fine print. So: do his plans actually help Americans get ahead? Not even close. President Trump is trying to deliver an unprecedented giveaway to his billionaire friends. He’s on the hunt to find trillions of dollars to pass along to the wealthiest in America. And to do that, he’s going to make you pay in every part of your life,

Slotkin said in her rebuttal

You can’t suspend the laws of economics,

he told MSNBC