The financial markets are on an impressive run, with the S&P 500 up over 8% year-to-date and hitting a new all-time high. Investors are focused on long-term themes like AI, unfazed by policy uncertainty, but this complacency may be underestimating the risks ahead. The average effective tariff rate is currently near 15%, but a new wave of developments could push it significantly higher.
Are markets underestimating the next wave of tariff uncertainty?
As the S&P 500 celebrates new highs, a series of critical tariff deadlines and a looming court ruling could dramatically reshape the trade landscape, igniting volatility and challenging corporate earnings.
Jul 25, 2025
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2 min read
