Wednesday is the big day when the Trump administration will provide more clarity on their tariff plans. The latest news has been a mix of encouraging talk about narrow reciprocal tariffs and deep and biting auto (and auto parts) tariffs. It’s tough to lay out a tariff playbook for investors right now, so our advice is to wait and see. Markets and corporate America will need time to digest the information and figure out their next move. As potential dip buyers, we’re not in a big hurry.

Trade uncertainty and nagging inflation made Federal Reserve (Fed) Chair Jerome Powell walk a tightrope at the latest press conference.

Trade uncertainty and nagging inflation made Federal Reserve (Fed) Chair Jerome Powell walk a tightrope at the latest press conference.

Trade uncertainty and nagging inflation made Federal Reserve (Fed) Chair Jerome Powell walk a tightrope at the latest press conference.

Inconsistency seems to be the only constant since tariffs were first announced. The White House’s continuous change in direction on trade policy has weighed on business sentiment gauges and left investors with limited visibility to buy the dip.