Well, at least that is what the market is telling us. On Thursday 05-July-2018, the S&P500 rose 0.82%. On Friday, the day the new tariffs went into effect, the S&P500 rose 0.85%. Yesterday, the S&P500 rose another 0.9%. Judging from pre-market trading, it looks like the S&P500 will tack on another 0.2% at the opening of trading. The high beta indexes like the Nasdaq 100 and the Russell 2000 had higher cumulative returns over the last 3 days as they continued on their bullish run.