The S&P 500 is down 2% at the moment and if it closes that way, it will be the first 2% (or more) loss since April 4. That was the Liberation Day rout and included a 6% closing decline. The worst day since then was August 1, when there was a 1.6% closing decline.Back in February, we started to have larger market declines as the tariff worries began but it's been an impressive 30% rally from the April 7 closing low.There is no doubt this is another TACO trade but it's a question of where the dip is to be bought. Trump can escalate for awhile but I'm optimistic that it will be resolved sooner rather than later, in part because in Trump's message he wrote this: I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so.That's not a cancellation and -- to me -- indicates that there can be a quick resolution and the meeting can go ahead. Of course, that might also depend on what China is offering. This article was written by Adam Button at investinglive.com.