Yun Li | @YunLi626 | CNBC | Friday, May 10, 2019
New tariffs kicked in Friday just as the markets had feared, but stocks are hanging in there.
Stocks opened Friday's session only slightly lower despite a tweet storm by President Donald Trump, in which he said there was "no need to rush" on a trade deal.
That's because traders are holding onto the hope that there's still plenty of time to hatch a deal — as much as two weeks.
Multiple traders and market strategists cite the notion that the new tariffs are not applied to Chinese exports that were already in transit before the deadline, which provides extra time before tariffs are actually applied to goods hitting U.S. shores. That theoretically gives more time for the two sides to reach an agreement.