Although most indicators signal that the U.S. economy remains on a positive trajectory, the debate over the trade deficit has become a focus of policy makers and may put a damper on continued growth. Has the U.S. trade deficit indeed reached a point where it poses a greater risk to the economy than the imposition of tariffs? Make no doubt about it—tariffs are a tax, and the cures being considered in Washington will have far-reaching economic impact.

Read about this and more in CIO John Geissinger’s Q2 2018 Market Overview.