With the trade war back in focus this week, investors are wondering Trump will once again ease his toughest tariff talk and avoid roiling stocks.

The S&P 500 retreated 0.8% from its all-time high, and bond yields ticked higher. The Dow industrials fell 0.9%.

Just days before the end of a 90-day pause he announced on his April 2 “Liberation Day” tariffs, Trump said the first batch of letters outlining the tariff levels they would f