"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

Wall Street analysts are betting hard against Trump’s trade agenda surviving in court. The lawsuits stacking up across the country are gunning straight for the legal base of his tariff powers. And they’re not just hoping to overturn a few decisions;

Donald Trump's trade policies are reshaping global trade. The US now uses its economy as leverage. Countries accept tariffs to do business with America. Higher tariffs aim to encourage US production.