Weekly Market Commentary

TARIFFS AND MARKET VOLATILITY LIKELY TO STICK

Jeffrey Buchbinder, CFA, Chief Equity Strategist, LPL Financial
Lawrence Gillum, CFA, Chief Fixed Income Strategist, LPL Financial
Jeffrey Roach, PhD, Chief Economist, LPL Financial
Adam Turnquist, CMT, Chief Technical Strategist, LPL Financial

There has been no shortage of trade policy curveballs thrown at the market since the White House announced shockingly high reciprocal tariffs on April 2. Stocks fell sharply and interest rates spiked on that news, prompting President Trump to pivot to a 90-day reciprocal tariff pause. Since then, trade negotiations have generally progressed, albeit slowly. Then, last week, came another curveball with the U.S. Court of International Trade (CIT) ruling that essentially blocked most of President Trump’s tariffs. Here we discuss what this news means, where the Trump administration goes next, and potential market implications. The legal backdrop has shifted, but the investing landscape really hasn’t changed much.

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