Tariff Turmoil and Portfolio Perspectives

In this market update, NEPC’s Phillip Nelson and Jennifer Appel analyze the recent market volatility triggered by newly announced U.S. tariff actions. They explore the implications for equity performance—particularly within international and emerging markets—alongside shifting inflation expectations and an uptick in recession risk indicators. The discussion delves into the legal and structural dimensions of the tariff policy, highlighting how these developments are shaping investor sentiment and influencing the movement of traditional safe-haven assets. With a focus on actionable insights, they also offer guidance on portfolio positioning in an environment defined by policy uncertainty and heightened market sensitivity.