Uncertainty around trade policy is weighing on Wall Street, according to Bloomberg. President Trump plans to impose a baseline tariff on all U.S. imports and add steeper duties on countries with the most significant trade gaps. Economists and Wall Street firms warn that steep tariffs could increase inflation, harm employment, increase recession risks, and drag down year-end stock market forecasts. Marko Papic of BCA Research warned that making steep tariffs permanent could trigger lasting de-globalization, likely lead to a recession, and drive markets further downward. For more coverage on tariffs and how they impact your portfolio, visit benzinga.com.
