Broad Tariffs Implemented
−1.3%
A less likely but high-impact path is that Trump follows through and doubles tariffs broadly after new caravan images dominate U.S. political coverage. This would deepen the stalled US-Mexico trade negotiations and create immediate uncertainty for manufacturers, retailers, and logistics firms.
What it moves
- Consumer Cyclicals−3.2%
- Industrials−2.7%
- Riskier companies' borrowing costs
- Market volatility
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