Trump’s partial rollback of tariff pressure — prompted by early signs of weakness in the U.S. economy — is a clearly positive development for global markets. However, given the administration’s need to finance at least part of the promised 2026 tax cuts, a full reversal of tariffs seems highly unlikely. We maintain our central scenario: an average tariff increase of around 10%, with significantly higher levels still applied to China (albeit below current figures), and elevated rates for se…
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