Asian stocks rose and Treasury yields remained stable as markets absorbed Trump's tariff escalation, suggesting investor confidence in economic resilience. Analysts attribute market calm to Trump's history of using tariffs as negotiating leverage, a pattern investors have learned to expect and discount.
CNBC
· Feb 23, 2026
· economy
· 3 min read
High
Sourcing: Verified
Markets Brush Off Trump's Tariff Hike as Negotiating Theater
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Economy & Finance
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Bias & Framing
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Geopolitical Impact
🌎
Markets dismiss Trump's 15% tariff increase as negotiating theater; investors view policy as temporary amid Supreme Court procedural reset, showing resilience to trade volatility.
Escalation Risk
moderate
Confidence
HIGH
United States
China
European Union
Asia-Pacific
Global trade partners
Trump reasserts executive authority over trade policy through alternative legal mechanisms (Section 122) after judicial constraint; markets signal reduced credibility of tariff threats, diminishing leverage in negotiations. U.S. protectionist posture continues despite legal setbacks, but investor skepticism weakens deterrent effect.
Similar to Trump's 2018-2019 tariff cycles where repeated threats and reversals conditioned markets to discount announcements; parallels Nixon's 1971 wage-price controls in using economic policy as negotiating theater.
Economic Lens
📈
Markets dismiss Trump's tariff increase to 15% as negotiating theater rather than durable policy, with investors viewing the move as procedural following a Supreme Court ruling.
Market Signal
neutral
Confidence
MED
International Trade
Manufacturing
Steel & Automobiles
Technology/Supply Chain
Retail & Consumer Goods
Limited immediate impact on consumer prices or household purchasing power, as markets and investors view tariffs as temporary negotiating tactics. However, sustained tariff implementation could eventually increase costs for imported goods, electronics, and automobiles.
Supreme Court ruling constrains executive tariff authority under IEEPA, forcing administration to use alternative legal frameworks (Section 122, 301, 232). Congress may face pressure to clarify trade authority limits and establish clearer procedures for tariff implementation.