President Donald Trump’s latest tariffs leave markets wondering how much economic pain the White House may be willing endure following his “liberation day” announcement Wednesday, according

to Adam Hetts, global head of multiasset at Janus Henderson. The “eye-watering tariffs on a country-by-country basis scream 'negotiation tactic,' which will keep markets on edge

for the foreseeable future,” Hetts said in emailed comments about the tariffs, which Trump announced after the U.S. stock market closed. “Fortunately, this means there's substantial

room for lower tariffs from here, albeit with a 10% baseline in place,” said Hetts. “Now the big question is how much tolerance [the administration] has for true economic pain as