“This was almost the perfect storm coming together,” he warned.
Slok pointed out that “Liberation Day,” when investors were shocked in April by Trump’s aggressive tariffs, was just over six months ago, and markets have been getting more used to the idea that “maybe the worst was behind us.”
Tariffs take time for companies to incorporate them, Slok said, but the effects of another wave of tariffs will be on the horizon.
“You should expect the same, namely, higher inflation and also downward pressure on GDP,” Slok said.
