The chief investment officer of Fundstrat, a prominent investment firm, believes that President Donald Trump’s trade war is nearing its end as courts continue to rule against the White House.
In a recent video update on the Fundstrat Capital YouTube channel, Tom Lee pointed out that court rulings against Trump’s tariffs indicate a weakening of the White House’s position.
“The tariff war and associated concerns seem to have more bark than bite. For example, on May 28th, the international trade court ruled against Trump’s tariffs. While not all tariffs were removed, the ruling was significant. Additionally, on May 29th, Judge Contreras of the DC District Court deemed the tariffs illegal,” Lee explained.
“Despite a temporary reinstatement of tariffs through June 9th by the Federal Court of Appeals, the situation is becoming increasingly complex. The White House is adamant that nothing has changed, but the rulings signify a loss of leverage for them,” Lee added.
Lee also predicted that Trump would face challenges in revamping the trade war and that an exit strategy would be sought after by the White House soon.
Furthermore, Lee highlighted that improved tariff visibility and other factors have contributed to a more positive investment outlook for stocks compared to earlier this year.
“The investment landscape for stocks is currently more favorable than it was in February 2025. Factors such as tariff visibility, tax and deregulation predictability, companies surviving stress tests, and a potentially more dovish Fed next year all play a role,” Lee stated.
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