Raymond James says 90-day tariff pause a ‘near-term positive’

Raymond James Managing Director Ed Mills writes that the decision to implement a 90-day pause in reciprocal tariffs on trading partners ex-China is a near-term positive, but the continued existence of a 10% universal tariff, the 125% China tariff, pending additional action on sector-specific tariffs, and the elevated uncertainty generated by the administration’s reversal will ultimately compound existing uncertainty for corporates, especially in the context of Trump’s push to reshore production and manufacturing in the U.S. The firm is keeping its view that the 10% global rate is important to the Trump administration for establishing a new revenue source as Congress considers a tax package that could exceed $5T.