Now keep in mind, Trump will hold talks with Canada and Mexico today.
If talks go well and tariffs are reversed…
Markets will pivot into risk on sentiment with USD and JPY weakness.
But instead…
If tariffs end up going into effect tonight (as per schedule) then we get another leg of short term risk off (USD strength, JPY strength) and then further continuation over the next days.
Those are the two main sentiments right now.
Everything else is noise.