The Trump Tariffs: No Stable Landing

Mark Lightner, Esq.: Head of Legal Strategy
Zachary Griffiths, CFA: Head of IG & Macro Strategy
Winnie Cisar: Global Head of Strategy

11 May 2026

Download the Full Report to gain insights on:

How legal rulings reshape the trajectory of US tariff policy and investor expectations.
What the Trump Tariffs No Stable Landing means for credit markets and macro uncertainty.
Why ongoing litigation creates prolonged unpredictability for businesses and global trade flows.
How replacement tariff pathways may influence sector dynamics and capital allocation decisions.
Where evolving policy and judicial developments could shift risk and outlook across markets.

Executive Summary

Recent court decisions challenge the foundation of current tariff policies. Uncertainty continues to shape expectations across markets.

Legal setbacks highlight limits on executive authority over trade actions. Policy direction remains fluid amid ongoing disputes.

Markets face questions around durability of tariff frameworks and enforcement. However, litigation introduces continued ambiguity.

Investors monitor shifting policy signals and broader macro implications closely. Meanwhile, businesses navigate evolving trade conditions.

Uncertainty defines the landscape as policy paths remain unsettled. Credit markets respond to shifting legal and macro signals.

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