Donald Trump’s second presidency has been a whirlwind of action, especially in areas like immigration, energy, and climate. But when it comes to tariffs—something he’s famously passionate about—things are moving at a much slower pace.

During his campaign, Trump promised sweeping tariffs, like a universal 10% or 20% charge on all imports. But so far, he’s held back. Instead, he’s floated the idea of targeted tariffs on countries like Canada, Mexico, and China, with the earliest these could kick in being February 1. It seems his team is using these threats as leverage to negotiate other deals.

Adding to the cautious approach, Trump has asked government agencies to study the feasibility of broader tariffs. This is a departure from his usual style, where action often comes first, and questions come later.

Wall Street has taken note of this restraint, and it’s been a relief for investors. The S&P 500 has been on the rise, partly because the “tariff storm” many feared hasn’t materialized. Market experts, like David Kelly at J.P. Morgan Asset Management, say the lack of immediate tariff action has eased concerns.

So, why the hesitation? Trump’s second administration appears unified on most issues, from boosting oil production to rolling back diversity programs. But tariffs seem to be the exception, as internal worries about their economic impact may be tempering his usual boldness.

It’s a surprising twist for a president who once called “tariff” the most beautiful word in the dictionary. For now, though, it seems the Trump team is treading carefully—something we’re not entirely used to seeing.