The state of U.S. tariff policy has been anything but settled in recent months. A federal court ruling has thrown the legal foundation of the current framework into question, while the White House signals it intends to push forward. At the same time, new trade agreements suggest progress toward a more stable outlook on trade policy.
For markets, the implications are wide-ranging. Net export growth has surprised to the upside in 2Q, but consumer surveys and business confidence show mixed sentiment. Price pressures have been softer than anticipated, which helped propel corporate earnings growth and equity markets over the summer months.
What does the bigger picture on tariffs and trade look like today? In the following chart pack, we take a closer look at policy developments, economic data, and what the current trajectory could mean for businesses, consumers, and investors in the coming months ahead.
