I’m not going to give away the playbook.” Trump has so far reached three deals—with the U.K., China, and Vietnam—but on Monday sent out new tariff rates for more than a dozen countries. “Our relationship has been,

Market movements were relatively muted, signaling investors think Trump’s new tariffs are more negotiating tactics than firm policy. It’s a noticeable change from early April, when Trump’s “Liberation Day” tariffs sent stocks plummeting.