Possible scenario
Administration Rebuilds Tariffs
−0.4%
The Trump administration responds to Senate pressure and court losses by shifting to alternative tariff authorities, including Section 232, Section 301, or narrower emergency tools. This path keeps trade uncertainty elevated and limits the disinflationary benefit investors might otherwise expect.
What it moves
- Non-Energy Materials+0.9%
- Consumer Cyclicals−0.7%
- Market volatility
- Riskier companies' borrowing costs
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