Well, that’s that.

The Liberation Day fanfare from just over a month ago has been rendered an utterly pointless exercise. Although merely a week later, on April 9th, the trade wars were effectively cancelled (as well as all the tariffs that ostensibly would have made the IRS unnecessary), there was one gargantuan issue still remaining: China.

Now, with a 90-day pause (read: a total Ctrl-Z of what was executed, with 90 days being enough time for folks to forget anyone even mentioned it), the trade wars are kaput, as is all the anxiety around them, as plainly illustrated by a VIX which has, yes, returned to the teens.