Do you really believe Donald Trump has come to his senses about tariffs?

Open this photo in gallery: At the end of the day, everything ultimately still depends on Mr. Trump's whims, which can turn on a dime. An image of U.S. President Donald Trump on the floor of the New York Stock Exchange on Nov. 26, 2024.TIMOTHY A. CLARY/AFP/Getty Images John Rapley is a contributing columnist for The Globe and Mail. He is an author and academic whose books include Why Empires Fall and Twilight of the Money Gods. Party now, pay later? That might be the risk for the U.S. stock market, given the giddy euphoria of the past few weeks….