A couple deals with major trading partners could mean the effective tariff rate rises from 16% to 18% versus 21% scenario, according to Pingle.Nadia Lovell, senior U.S. equity strategist for UBS Global Wealth Management,

Stock futures dip after Trump proposes 35% tariff on Canadian imports. Markets weigh policy risks ahead of Q2 earnings.

Global markets are telling conflicting stories about the possible longer-term impact of U.S. tariffs on growth, a schism that investors say means either stocks or bonds could see a steep correction once it's clear which is right.