The Lombard Review

Politics

Tariffs, budgets, the debt ceiling and the courts: where Washington policy meets the markets.

Business

Carmakers face 25% tariffs

OEM margins vs parts origin

World

Tariffs on Canada and Mexico go live

USMCA content carve-outs

Politics

Why Trump counts VAT as a tariff

Border-adjusted taxes misread as tariffs

Politics

Steel tariffs squeeze American manufacturers

Input tariffs compress downstream margins

Markets & Finance

Why the dollar isn't rising on tariffs

FX offset breaks down

Politics

Tariffs on, tariffs off

Threat-and-pause negotiation cycle

Politics

Trump's first day: no tariffs, yet

Review-first trade memo

Business

Biden blocks the US Steel deal

Blocked deal triggers termination payment

Special Report

New Year: 2025 comes down to one word — tariffs

Guidance hinges on trade policy

Politics

The debt ceiling is back

Suspension lapse restarts X-date clock

Economy

How much inflation could tariffs add?

60/25/10 inflation scenarios

Special Report

Black Friday: Shoppers race to beat the tariffs

Import pull-forward, strong dollar

World

Trump threatens Mexico and Canada

Tariff threat vs integrated supply chains

Business

Companies are stockpiling before the tariffs hit

Inventory pull-forward ties up cash

Markets & Finance

Can a stronger dollar cancel out tariffs?

Dollar appreciation absorbs tariffs

Politics

A 60% tariff is a tax on Americans

Incidence of China tariffs

Markets & Finance

Election night for the bond market

Fiscal expansion priced into long end

Politics

Trump vs Harris: the bill for each

Ten-year fiscal scenarios

Politics

Election jitters push up long-term rates

Fiscal uncertainty lifts term premium

Politics

Who really paid for Trump's first tariffs

Near-complete tariff pass-through estimates

Politics

Biden steps aside: what it means for the deficit

Deficit scenarios after withdrawal

Politics

Why tariffs won't fix the trade deficit

Import tariffs appreciate currency, hit exports

Business

Who actually pays a 10% tariff?

Gross-margin exposure across importers

Markets & Finance

The "Trump trade" hits bonds

Tariff and deficit risk lift long end

Markets & Finance

How a presidential debate moves the bond market

Event study of debate repricing

World

China's cheap EVs meet Europe's tariffs

Subsidised capacity meets tariff walls

Special Report

Tax Day: What April's tax cheques say about the debt ceiling

Tax receipts nowcast Treasury cash