President Donald Trump’s plans for tariffs, taxes and other policies are beginning to take shape during his first 100 days in the White House. In this webinar, PGIM gathered a panel of experts, including former SEC Commissioner Mike Piwowar, to discuss how an evolving policy landscape could impact the economy and global financial markets.

Here are some key takeaways from the conversation:

• Tariffs: Trump has embarked on a renewed effort to impose tariffs on US imports, and uncertainty around the rollout and the impact of these levies has contributed to volatility in stock and bond markets of late. It is important for investors to consider that tariff-related impacts could look different than during Trump’s first stint as president, when his administration spearheaded a significant reduction in the corporate tax rate. Tariffs may prove to be more inflationary and negatively impact GDP and capital expenditures this time around.
• Macro outlook: While potential downside risks to the economy have emerged, recent market moves indicate that investors are holding out hope that the US and its trade partners can find a resolution regarding tariffs, which would allay fears of a recession. Ongoing negotiations over the federal budget and debt ceiling may impact markets as well.