TechFlow news, on December 4, according to Jinshi News, Trump rejected nominating former U.S. Trade Representative Robert Lighthizer to the position again, calling him "too timid to do big things." In a report to clients on Tuesday, Wolfe Research policy analyst Tobin Marcus wrote: "Trump's personnel decisions reinforce our view that tariff threats are real." Previously, in his book 'No Such Thing as Free Trade,' Lighthizer revealed he opposed directly tearing up the North American Free Trade Agreement (NAFTA), instead supporting a reform plan.
Veda Partners analysis indicates the new trade representative may not strictly enforce the Phase One China-U.S. trade deal signed in January 2020. Barclays warns that aggressive tariff policies could create headwinds for sectors reliant on global supply chains, including materials, consumer discretionary, technology, industrials, and healthcare. However, it also notes such policies might strengthen American exceptionalism, expanding the earnings and valuation advantage of U.S. stocks relative to other regions—especially compared to Europe's market, which lacks strong political leadership.
