What’s Causing the SlowdownTariffs & trade friction Massive increases in U.S. tariffs, retaliations, and heightened policy uncertainty are disrupting trade flows, raising costs for importers/exporters, and weighing on investment. Inventory build-up Some companies are stuck with excess inventories as demand slows, which both signals a drop in real consumption and can dampen future production. Inflation still sticky + rising costs Even as headline inflation edges down, costs (especially from ta...