On the one hand, if he repudiates Phase I, he will create more uncertainty, hurt the economy, and drive his beloved stock market down. On the other hand, if he doesn’t, he will undercut his argument that China is responsible for all of our misfortunes, economic and otherwise. What to do?
Leave everyone hanging, of course. It’s his favorite tactic. It makes him the perpetual center of attention and leaves all of his options open. What it doesn’t do is solve any problems, except for him.