Washington Edition

Trump’s Tariffs Will Keep Fueling Trade Debates and Disputes

The latest court ruling won’t be the last word on US import levies
A container ship at the Port of Newark. The president’s tariff regime suffered another setback at the US Court of International Trade.Photographer: Kena Betancur/Bloomberg

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I had several conversations with clients this week about tariffs. The main questions that emerged: Will markets see a world with tariff clarity in 2026? (Unlikely); Will the midterm elections alter President Donald Trump’s mindset? (Also, unlikely); Will tariffs return as a primary focus of headline risk for markets? (I tend to think so).