The World Bank projects that U.S. economic growth will slow to 1.4% in 2025 due to tariffs, down from 2.88% in 2024, and that tariffs will lower forecasts for growth in the Eurozone, Japan, India, and other countries.

There is a rough inverse correlation between federal deficits and S&P 500 stock valuations, such that when deficits spike, stock market valuations tend to rise shortly thereafter, though this is not a perfect leading indicator.