So, the White House said in an announcement on Thursday (31 July) that the 'universal' tariff for goods coming into the US will stay at 10 percent, the same level that was implemented on 2 April. But that rate will only apply to nations with which the US has a trade surplus.

What history tells us is that, while it's impossible to pinpoint stock market tops, valuation premiums aren't tolerated over long periods. Though it's possible Liberation Day 2.0 serves as a downside catalyst for Wall Street, premium valuations are the greater threat for stocks.