As investors assess the impact of a second term for former President Donald Trump, 22V Research senior managing director Kim Wallace joins Market Domination Overtime Hosts Julie Hyman and Josh Lipton to discuss how Trump’s tariffs could affect the US economy and consumers.
“At some point, Washington settles into doing its job, and that’s after the apparatus of government has been established. So we would expect that between now and the end of the first quarter, President-elect Trump will give us more information on his plans on both fiscal policy and tariffs, each of which can be inflationary, each of which does have prospects for nicking the economy, certainly, [for] raising consumer prices.” Wallace explains, “The modern and the long-term history of tariffs is that they nick growth, they raise inflation, and they raise consumer prices [as] part of that inflation channel.”
He adds, “The underlying economy, from a fundamental basis, top-down and bottom-up, is strong to better. And we expect that that comes through after the volatility of election uncertainty passes. We are in a period where that volatility is dropping off. Notably, and understandably, there’s an extra dollop in today’s market, and that may last a few trading sessions [or] it may last longer. But a lot of that is the expected kickback you get after election volatility moves away.”
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