Possible scenario
Partial Policy Retreat
+1.0%
A less likely but plausible outcome is that the administration keeps its public posture while quietly allowing carve-outs, delayed collections, or product exclusions. This would let Trump avoid an explicit reversal while addressing the voter backlash over prices.
What it moves
- Consumer Cyclicals+1.5%
- Technology+1.3%
- Riskier companies' borrowing costs
- Market volatility
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