Despite ongoing trade policy adjustments under President Trump, U.S. tariffs remain elevated in 2025. The S&P 500 has shown resilience, rebounding from earlier losses this year.
The Nasdaq has also experienced growth in recent weeks. Recession odds, while still present, have seen a slight decrease, hovering around 40 percent. J.P. Morgan Research, however, maintains a 60% probability of a recession occurring in 2025.
Market strategist Ed Yardeni suggests that Trump has adapted his approach in response to market reactions. CFRA strategist Sam Stovall notes that Wall Street tends to invest based on emerging information rather than waiting for complete certainty.