President Donald Trump’s escalating tariff threats have not deterred Wall Street, with the stock market continuing to rise despite trade policy uncertainty.

Markets had dismissed tariff risks under the assumption that Trump would follow an earlier pattern and back off, in what became known as the so-called TACO trade. That allowed stocks to reach new record-high territory recently, marking a stunning rebound from the collapse triggered by his “Liberation Day” reciprocal tariffs in April.

Just hours after hitting all-time highs, Wall Street was poised to open with losses on Friday, a possible sign that President Donald Trump’s wave of tariff letters is again raising concern among