As U.S. tariff policy continues to evolve, investors are facing more questions than answers. RBC Economics provides a roadmap on when and where tariffs will start to impact the U.S. economy.

Major markets and economies will continue to navigate around Washington and Fed policies. On the road ahead, there are at least two new factors to consider.

Running up debts to buy foreign goods is unsustainable in the long term. Identifying the problem is simple, but we see no easy or quick escape for the U.S. from the imbalances built up over the last four decades.

Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.