What's the Takeaway Here?

The real economic effects of these on-again, off-again levies will take weeks, if not months, to show up in shipping volumes, corporate earnings reports, and inflation data.

In addition, the 90-day truce may not last long enough for a larger solution, meaning there could be another round of whiplash in three months.

Still, these are positive steps – investors welcomed the news with a 3% jump for the S&P 500 – and there is a possibility for longer-term de-escalation.

Instead of waiting on the sidelines to see how things play out, it's better to position for the long haul.