Making Sense Trading Insights: US policy and the impact of tariffs
Oct 7, 2025
William Tuttle, Executive Director at J.P. Morgan's Global Engagement team with deep roots in U.S. intelligence and foreign policy, dives into the current U.S. policy landscape. He explains the resurgence of tariffs, driven by national security and economic pressures. Tuttle explores the potential impacts on growth and inflation and discusses the global race for AI leadership, contrasting U.S. innovation with China's rapid advancements. He also highlights how these policy shifts are changing alliances and the overall geopolitical landscape.
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Tariffs Signal A Lasting Policy Shift
- U.S. tariff policy reflects a long-term shift away from free trade norms in Washington.
- Tariffs serve multiple aims: jobs, national security, and significant government revenue.
Prepare For Tariffs To Persist
- Expect the current tariff structure to persist even if legal challenges succeed in part.
- Watch for administrations to find alternative authorities to reinstate tariffs if needed.
Growth Impact May Lag Tariff Rollout
- Tariffs can raise costs and potentially slow growth, but short-term macro impacts may lag.
- The administration is negotiating bilateral deals rather than reversing tariff impulses quickly.