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104079172 : It would probably have to be a combination of fear factors for the VIX to lift significantly (and early days yet!). Tariffs and the threat of tariffs alone will be insufficient as the Donald has shown to pull his punches when it comes down to actually implementing them - because he actually fears inflation and losing popularity. They are mainly being used to drive negotiations. The new ones of +10% against China are also largely inconsequential to the US economy. Net net: no one thinks that the tariff threats so far are too serious