Despite Trade Policy Uncertainty, U.S. Economy Has Been Resilient

2025-06-03 04:50:00 ET

Summary

• Until ongoing tariff uncertainty is resolved, countries may be hesitant to strike new trade deals with the US.
• Despite the noise of the trade war, US financial markets and the economy have shown remarkable resilience.
• We continue to believe non-US dollar assets are more attractively valued and well-positioned in today’s environment.

Feeling dizzy? You’re not alone. Last week began with a whirlwind: A 50% US tariff on European Union exports was delayed just days after being announced. A few days later, the Court of International Trade declared many of the Trump-era tariffs invalid , including ones announced on “Liberation Day.” Then hours later, a US Federal Appeals Court paused that ruling from the trade court, putting the impacted tariffs back in place until further legal arguments can be made....

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