The biggest hurdle facing markets: Should investors stop taking Trump's tariffs seriously?

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• Trump eased tariffs on tech and hinted at auto industry exemptions, causing market uncertainty.
• This uncertainty has paralyzed some investors.
• UBS head of asset allocation Jason Draho says more pain could be ahead for markets.

President Donald Trump blinked again on his aggressive tariff policies this past weekend, giving exemptions to smartphones and laptops after he paused his steep "reciprocal" tariffs for most countries last week.