As President-elect Donald Trump prepares to return to the White House, S&P Global Ratings Economics is evaluating the potential economic implications. Forecasting remains challenging amid significant uncertainty about the timing, magnitude, and interactions of proposed tariffs, immigration reforms, tax cuts, and regulatory shifts. We will firm up changes to our U.S. macroeconomic forecasts over the coming weeks.

For now, here is what we are thinking:

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Economy
Analysis