The economy continues to absorb rapid changes as President Trump implements 25% tariffs on Canada and Mexico and doubled tariffs on China to 20%. These three markets represent 41.5% of total U.S. imports.
This could create some challenges, including elevated inflation and potentially slower economic growth, said Marcus & Millichap national director of research and advisory services John Chang. He pointed to updated numbers coming out of the Atlanta Federal Reserve Bank forecasting a GDP net loss of 2.8% for the first quarter.
Noting the tariff situation is fluid, Chang said the bigger challenge to the U.S. economy is the cloudiness that comes with changing policies. The uncertainty index has reached its second-highest level in history, trailing only the pandemic period.
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