CNN’s Richard Quest on Wednesday flagged four factors that make him believe the United States is far from out of the woods economically, despite the stock market rally following President Donald Trump’s reversal on some of his controversial tariffs.

International business correspondent Quest, who previously dubbed Trump’s tariffs as “economic vandalism,” told “The Lead” anchor Jake Tapper:

Number one, you still have the auto tariffs.

Number two, you still have the steel and aluminum tariffs.

Number three, you have the Chinese tariffs at 125%, the largest bilateral trade relationship.

And number four, you have a new global U.S. tariff of 10%, which is three times the previous average of 2.5%.

“So yes, the worst in terms of Japan, South Korea, the E.U. has been staved off,” Quest acknowledged. “But there is so much tariff in the system at the moment that’s just going to wash over the global trading system.”

His worrying conclusion: “We are so far from being out of this.”

Also in the segment, Tapper and Quest noted that investment bank Goldman Sachs had not, at the time of broadcast, changed its recession forecast in response to Trump’s tariff reversal. The bank later made a downward revision from a 65% probability of a recession in the next year to a 45% probability.

Watch the analysis here: