Morning from Copenhagen.

I wrote up bits and pieces of this morning’s analysis as I headed to bed late here in Copenhagen—fully aware that Donald the Flip-Flopper was still wide awake. And that, in a nutshell, is the problem all of us investors are facing right now.

Can we trust what happens the next day—or even the next hour—as the headline hockey intensifies from the White House? Or should I say, the toilets of the White House?

Yesterday was a masterclass in flip-flopping from The Donald. Initially, we heard that 50% tariffs would go live today on Canada due to (potential) retaliation from Ontario on electricity exports. While Canadian electricity exports aren’t a game-changer, they do make up a few percentage points in some of the targeted regions—and Trump is apparently fuming.

On a day when Marco Rubio and his team secured an outright victory with the Ukrainians in the Saudi Arabian talks, Nasdaq still closed in the red. That tells you everything: markets hate the bizarre trade-policy whiplash coming from the White House. Is Canada facing 25% or 50% tariffs on steel and aluminum as of today (most likely 25%)? Good question—no one knows, including the president. You can’t buy U.S. risk assets as long as this remains the modus operandi. At least, it’s the first time I’ve seen an intraday reversal of 25 percentage points on tariffs.

Chart 1: Nasdaq is flip flopping because Donald Trump is flip flopping