Tariffs, Defaults, and Trade Dilemmas: Key Frictions in the Global Outlook

Northern Trust’s latest Weekly Economic Commentary provides an in-depth look at the macroeconomic headwinds shaping markets, with particular focus on tariffs, student loan risks, and shifting global supply chains.

Key Takeaways:

• U.S.–China and U.S.–U.K. tariff tensions show modest de-escalation, but baseline tariffs remain entrenched.

• Trade agreements remain partial and temporary, sustaining uncertainty for global businesses and markets.

• Student loan defaults are surging post-deferral, with nearly 25% of borrowers behind—impacting credit scores and consumer resilience.

Dive deeper into the geopolitical risks, fiscal implications, and macro signals shaping your portfolio strategy.