Trump's the tariff mix is actually worse after his latest cave in

Trump flip flopped on tariffs Wednesday:

• Forexlive Americas FX news wrap: Trump drops reciprocal tariffs, huge market moves follow

Bloomberg have some eye-opening analysis:

We calculated that post Trump “put” today, the tariff mix is actually worse

China exports more consumer goods to US than other countries, so boosting that (to 125%) relative to others will boost the hit to consumption goods

More:

Average effective tariff rates are now 24% from 27% this morning. Still massively anti growth, pro inflation, and anti risk assets.