Commentary

Analyzing what may come next with tariffs

Markets have gained clarity, although specific concerns persist.

By: Anu Gaggar Brad Pineault
Updated: 8/1/2025
Key Takeaways
  • As of August 1, the U.S. has announced new tariffs on more than 90 countries, when including the major trading partners that recently negotiated U.S. trade deals. These tariff rates are expected to go into effect on August 7.
  • Permanent trade agreements with some of the most important U.S. trading partners remain elusive, including the three largest—Mexico, China, and Canada—which together compose more than a third of U.S. imports.
  • Our team has not changed our constructive longer-term outlook for U.S. stocks or the economy based on the tariff-related news cycle.
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