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I wouldn't be surprised if there's an inner circle buy/sell club around the tariff announcements. There's no economic sense to pushing them hard and then hitting the brakes so much unless you are actively looking to manipulate things.

The on/off tariffs are just as bad as imposing them for market confidence (if not worse).

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The simple explanation is they want the tariffs, but get scared by the blowback, but can't just give up, because that would look even more dumb than it already does.

There's a theory circulating about it's all a show to provoke rate cuts. Theory behind theory is rate cut period boosted the previous run, so it ought to boost another one?

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