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Investors Waiting for Hammer to Drop on Tariffs: Stephen Stanley
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June 2, 2025
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3:36Now PlayingStephen Stanley, Chief Economist at Santander, joins for an extended conversation on the outlook for the US economy, lower consumer spending, and potential for a shallow recession in the US. He speaks with Bloomberg's Tom Keene and Paul Sweeney.
Wall Street kicked off the week on the back foot, with stocks sliding after a weak manufacturing report, renewed trade tensions and geopolitical uncertainties. Treasuries pared losses, while the dollar headed toward its lowest since 2023. Oil rallied.
Coming off the best May for the S&P 500 in 35 years, the gauge retreated at the start of what’s historically one of its quietest months for gains. US factory activity contracted in May and a gauge of imports sank to a 16-year low as firms pulled back in the face of higher tariffs. Most major industries dropped, though energy producers and big tech climbed. US steel and aluminum shares surged on Donald Trump’s pledge to double levies on the metals.
The latest twists in Trump’s tariff agenda have heightened market uncertainty, following mutual accusations between Washington and Beijing of breaching a trade deal. The European Union is preparing for another round of trade talks and warned that it may speed up retaliatory measures if Trump follows through on his tariff threats.
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