The Exchange The Exchange 9/2/25
Sep 2, 2025
Scott Croner, U.S. equity strategist at Citi, shares his expert insights on market trends shaped by recent tariff court decisions. He discusses the varying impacts on sectors as companies adjust to tariff changes and consumer expectations. The conversation explores geopolitical dynamics affecting U.S. positioning and investment strategies amid rising tensions. Additionally, Croner delves into notable stock movements, including notable investments in major firms and the evolving landscape of AI development, highlighting both challenges and competitive collaborations.
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Court Rules Key Tariffs Illegal
- A federal appeals court found most of the president's global tariffs illegal under the law invoked to impose them.
- That ruling raises the prospect of large refunds and adds uncertainty for companies and the federal deficit.
Tariff Reversal Creates Market Catch-22
- Markets face a catch-22: removing tariffs could boost earnings but worsen the deficit if tariff revenue disappears.
- That dynamic increases sensitivity to incremental news and could limit extreme market moves.
Use Volatility To Buy Tech And Yield Beneficiaries
- Lean into tech megacaps, semiconductors, software, communication services, utilities and select financials as rate cuts approach.
- Use tariff-driven volatility to add exposure selectively to attractively positioned growth names.