A Strong May, Rising Tariffs, and What’s Next for the Economy

The markets just posted their strongest May since 1990, driven by robust earnings and a temporary truce in U.S.–China trade tensions. But with new legal challenges to tariffs, a spike in jobless claims, and a critical jobs report looming, investors are bracing for renewed uncertainty.

What do these developments mean for market momentum and consumer confidence heading into summer?

In this episode, we explore the economic impact of President Trump’s contested “Liberation Day” tariffs, a sharp rise in government revenue from duties, and emerging cracks in the labor market that could signal broader stress ahead.

Join Adam Phillips, CFA, CFP® , Managing Director of Investments and Partner at EP Wealth Advisors, as he breaks down the week’s key developments and what investors should be watching next.