Northern Trust Asset Management
June 03, 2025
Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. 

What history can teach investors about navigating high tariff regimes

A KEY PLANK of the new administration’s economic policy has been to embrace tariffs, a sharp reversal of decades of free market trade. This fresh wave of protectionist measures has affected almost all U.S. trading partners and sparked significant market volatility. Investors are understandably keen to calculate the implications of this policy shift: How do tariffs affect economic growth and asset returns, and is there anything they can do to mute their impact?

While today’s circumstances may feel unprecedented, certainly for a generation that has grown up with globalization it is far from uncharted. Historical market data provides valuable guidance in addressing the current financial unease.

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