Possible scenario
Escalation And Veto
−0.5%
The White House treats the legislation as an attack on presidential trade leverage and doubles down on the fentanyl rationale. This path raises the risk that Congress cannot remove the tariffs and that Canada maintains or expands retaliation.
What it moves
- Consumer Cyclicals−1.1%
- Industrials−0.9%
- Riskier companies' borrowing costs
- Market volatility
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