The US stock market has not yet reflected the damage caused by tariffs.

Trade Nation analyst David Morrison stated in a report that the recent rebound in the US stock market does not yet reflect the "serious damage that tariffs have caused to global trade." The US stock market has rebounded from its decline following the announcement of global tariffs in early April, boosted by expectations of interest rate cuts and better-than-expected earnings reports from Meta and Microsoft. Traders are currently focused on the expectation that President Trump will "reach some kind of resolution on the tariff issue," and that the Federal Reserve will "cut rates when the economy shows signs of distress."