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United States

Report | Going it Solo a Trade Wars Story for June 7, 2018

Summary

The good news in the economy was overshadowed last week by the expiration of the temporary exemption from steel and aluminum tariffs among key trading partners while the administration also threatened new tariffs on Chinese goods. The impact of trade policy on the economy remains limited, but more serious negative impacts are squarely on the table. Last week flummoxed anyone who thought that the risk had been eliminated. On a brighter note, the incomes and spending grew at healthy paces in April, a heartening sign for the economy heading into the second quarter. And the labor market continues to tighten, with unemployment down and wage growth up. Even international turmoil, which has roiled markets in recent weeks, abated.

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