We’re to the point where tariff chaos is inflicting real damage, at least in the short term. The WTO has slashed its 2025 forecast for global trade growth. Nearly one in five firms surveyed recently by Associated Builders and Contractors had projects paused or interrupted last month. Ships in the Pacific are being turned around and capex budgets are being cut. Many leadership teams are relying on their learnings from COVID disruption five years ago—and a solid number are hatching plans to invest in their U.S. operations. There’s a lot to digest in our latest Market Moves Strategy newsletter—including the idea that we’re not quite done with pull-forward spending.
