May 24, 2024 12:05 PM
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Economic_Research@ntrs.com
Economic Commentary: Tariffs, European Consumers, Home Equity
Weekly economic commentary discussing tariffs impact on U.S. consumption, European consumer spending, and home equity lending policies.
Tariffs haven't slowed U.S. consumption, while other forces are holding back European consumers. May 24, 2024 Weekly Economic Commentary Carl Tannenbaum A New Round Of Tariffs New tariffs will renew trade tensions. Re
May 24, 2024 12:05 PM
-
Economic_Research@ntrs.com
Economic Commentary: Tariffs, European Consumers, Home Equity
Weekly economic commentary discussing tariffs impact on U.S. consumption, European consumer spending, and home equity lending policies.
Tariffs haven't slowed U.S. consumption, while other forces are holding back European consumers. May 24, 2024 Weekly Economic Commentary Carl Tannenbaum A New Round Of Tariffs New tariffs will renew trade tensions. Re
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</style><div id="emailPreHeader" style="visibility:hidden; opacity:0; color:transparent; line-height:0; font-size:0px; overflow:hidden; border-width:0; display:none!important">Tariffs haven't slowed U.S. consumption, while other forces are holding back European consumers.</div><table width="100%" border="0" cellspacing="0" cellpadding="0" class="em_full_wrap em_body" bgcolor="#ffffff" style="table-layout:fixed"><tbody><tr><td align="center" valign="top"><table align="center" width="600" border="0" cellspacing="0" cellpadding="0" class="em_main_table" style="width:600px; table-layout:fixed"><tbody><tr><td align="center" valign="top"><table width="600" border="0" cellspacing="0" cellpadding="0" align="center" class="em_wrapper mktoContainer" id="Template" style="width:600px"><tbody><tr class="mktoModule" id="header_logo_nt_corp3916d068-0018-42aa-9c42-1ce6c17f6c20"><td align="center" valign="top" bgcolor="#115740" class="em_dark" style="padding-top:20px; padding-bottom:10px"><table width="600" border="0" cellspacing="0" cellpadding="0" align="center" class="em_wrapper" style="width:600px"><tbody><tr><td width="40" class="em_side24" style="width:40px"> </td><td align="center" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><th align="left" valign="top" class="em_clear"><div class="mktoImg" id="img01def02ee3-8211-4584-8e7b-ede74b2042c2"><a href="#" target="_blank" style="text-decoration:none"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/image_01.png" width="200" border="0" alt="NORTHERN TRUST" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:200px"></a> </div></th><th width="68" class="em_clear" style="width:68px"> </th><th align="right" valign="middle" class="em_clear"><table align="right" class="em_wrapper" width="252" border="0" cellspacing="0" cellpadding="0" style="width:252px"><tbody><tr><td align="right" valign="middle" class="em_left em_ptop5 em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:14px; line-height:22px; font-weight:500; letter-spacing:2px; color:#FFFFFF; text-transform:uppercase"><div class="mktoText" id="text_158be2ec3-7ba9-4c04-a1b1-cf549736978d">May 24, 2024 </div></td></tr></tbody></table></th></tr></tbody></table></td><td width="40" class="em_side24" style="width:40px"> </td></tr></tbody></table></td></tr><tr class="mktoModule" id="headline_text_nt_corpb9d4748b-8476-4df7-a347-b7b7301f2626"><td align="center" valign="top" bgcolor="#115740" class="em_dark" style="padding-top:15px; padding-bottom:20px"><table width="600" border="0" cellspacing="0" cellpadding="0" align="center" class="em_wrapper" style="width:600px"><tbody><tr><td width="40" class="em_side24" style="width:40px"> </td><td align="center" valign="top"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" class="em_txt_white" valign="middle" style="font-family:Equip,Arial,sans-serif; font-size:26px; line-height:34px; font-weight:500; color:#FFFFFF"><div class="mktoText" id="text_J1e010ac6f-2ad4-4f4c-8815-f0926af8d86f"><p>Weekly Economic Commentary<br></p></div></td></tr></tbody></table></td><td width="40" class="em_side24" style="width:40px"> </td></tr></tbody></table></td></tr><tr class="mktoModule" id="medium_article_card_left_image_right_text__button3c770792-e7f6-4a85-8dfd-97c6a4b8eb74"><td align="center" valign="top" bgcolor="#FFFFFF" class="em_dark" style="padding-top:20px; padding-bottom:15px"><table width="600" border="0" cellspacing="0" cellpadding="0" align="center" class="em_wrapper" style="width:600px"><tbody><tr><td width="40" class="em_hide" style="width:40px"> </td><td align="center" valign="top" class="em_aside24j"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" dir="rtl"><tbody><tr><th valign="top" class="em_clear"><table align="left" class="em_wrapper" width="150" border="0" cellspacing="0" cellpadding="0" dir="ltr" style="width:150px"><tbody><tr><td align="center" valign="top" class="em_hide" style="padding-top:10px"><div class="mktoImg" id="img24afa3d009-31ab-48a9-85cc-426fc0cb4feb"><a href="#" target="_blank"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/Corp-2024-05-24-shipping-containers.jpg" width="150" alt="shipping-containers" class="em_full_img" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:150px"></a> </div></td></tr><tr><td height="0" valign="top" align="center"><div class="em_hide_desktop" style="display:none; width:0; overflow:hidden; max-height:0px!important"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><td align="center" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><th align="center" valign="top"><div class="mktoImg" id="mob_image_9b23af5de-4be4-4ae3-8f45-0bce0ad7652f"><a href="#" target="_blank"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/Corp-2024-05-24-shipping-containers.jpg" width="327" alt="shipping-containers" class="em_full_img" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:174px"></a> </div></th></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></th><th width="32" class="em_hide em_clear" style="width:32px"> </th><th valign="top" class="em_clear"><table align="right" class="em_wrapper" width="338" border="0" cellspacing="0" cellpadding="0" dir="ltr" style="width:338px"><tbody><tr><td align="center" valign="top" class="em_ptop24"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:12px; line-height:20px; font-weight:500; color:#115740; text-transform:uppercase; letter-spacing:2px"><div class="mktoText" id="text_62ff4de65c-ffa2-496d-b5cd-5656aa8aab6b"><p>Carl Tannenbaum</p></div></td></tr><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:23px; line-height:32px; font-weight:500; color:#3D4042; padding-top:12px"><div class="mktoText" id="text_63655e9ad5-9f00-4565-9a2f-00b2fe56be34"><p>A New Round Of Tariffs</p></div></td></tr><tr><td align="left" valign="middle" class="em_ptop em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:14px; line-height:20px; font-weight:400; color:#3D4042; padding-top:14px"><div class="mktoText" id="text_64e5f14e21-7b71-458e-b127-99329cbf6ecd"><p>New tariffs will renew trade tensions.</p></div></td></tr><tr><td align="left" valign="top" style="padding-top:16px"><table align="left" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="em_defaultlink em_txt_white em_dark" bgcolor="#115740" valign="middle" height="46" style="font-family:Equip,Arial,sans-serif; font-size:12px; height:46px; border:1px solid #3D4042; padding:0px 24px; color:#FFFFFF; letter-spacing:2.3px; font-weight:500; text-transform:uppercase"><a href="#" target="_blank" style="text-decoration:none; color:#FFFFFF; display:block; line-height:46px"><strong style="color:#FFFFFF; font-weight:normal"><strong style="color:#FFFFFF; font-weight:normal">Read Article</strong></strong></a></td></tr></tbody></table></td></tr><tr><td height="2" style="height:2px; font-size:0px; line-height:0px"><img alt="" src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/spacer.gif" height="1" width="1" border="0" style="max-height:1px; min-height:1px; display:block; max-width:1px"></td></tr></tbody></table></td></tr></tbody></table></th></tr></tbody></table></td><td width="40" class="em_hide" style="width:40px"> </td></tr></tbody></table></td></tr><tr class="mktoModule" id="medium_article_card_left_image_right_text__buttoned0055f0-6426-42a2-9890-964e167a2ff5"><td align="center" valign="top" bgcolor="#FFFFFF" class="em_dark" style="padding-top:20px; padding-bottom:15px"><table width="600" border="0" cellspacing="0" cellpadding="0" align="center" class="em_wrapper" style="width:600px"><tbody><tr><td width="40" class="em_hide" style="width:40px"> </td><td align="center" valign="top" class="em_aside24j"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0" dir="rtl"><tbody><tr><th valign="top" class="em_clear"><table align="left" class="em_wrapper" width="150" border="0" cellspacing="0" cellpadding="0" dir="ltr" style="width:150px"><tbody><tr><td align="center" valign="top" class="em_hide" style="padding-top:10px"><div class="mktoImg" id="img246db703c1-65b2-400c-8194-17cac33f6139"><a href="#" target="_blank"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/Corp-2024-05-24-european-market.jpg" width="150" alt="european-market" class="em_full_img" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:150px"></a> </div></td></tr><tr><td height="0" valign="top" align="center"><div class="em_hide_desktop" style="display:none; width:0; overflow:hidden; max-height:0px!important"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><td align="center" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><th align="center" valign="top"><div class="mktoImg" id="mob_image_90fd48de7-d4a5-49f8-bad2-31d74bfbb866"><a href="#" target="_blank"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/Corp-2024-05-24-european-market.jpg" width="327" alt="european-market" class="em_full_img" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:174px"></a> </div></th></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></th><th width="32" class="em_hide em_clear" style="width:32px"> </th><th valign="top" class="em_clear"><table align="right" class="em_wrapper" width="338" border="0" cellspacing="0" cellpadding="0" dir="ltr" style="width:338px"><tbody><tr><td align="center" valign="top" class="em_ptop24"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:12px; line-height:20px; font-weight:500; color:#115740; text-transform:uppercase; letter-spacing:2px"><div class="mktoText" id="text_6268b3ae29-3b6f-46f7-aa5e-7fa9ae32d867"><p>Vaibhav Tandon</p></div></td></tr><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:23px; line-height:32px; font-weight:500; color:#3D4042; padding-top:12px"><div class="mktoText" id="text_634ed11e55-4134-4614-a0f9-d704cd17942c"><p>Getting Europe To Shop</p></div></td></tr><tr><td align="left" valign="middle" class="em_ptop em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:14px; line-height:20px; font-weight:400; color:#3D4042; padding-top:14px"><div class="mktoText" id="text_64663019e3-1b8d-4b92-b0ab-45c73037a0c9"><p>Lower interest rates in Europe will favor spending over saving.</p></div></td></tr><tr><td align="left" valign="top" style="padding-top:16px"><table align="left" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="em_defaultlink em_txt_white em_dark" bgcolor="#115740" valign="middle" height="46" style="font-family:Equip,Arial,sans-serif; font-size:12px; height:46px; border:1px solid #3D4042; padding:0px 24px; color:#FFFFFF; letter-spacing:2.3px; font-weight:500; text-transform:uppercase"><a href="#" target="_blank" style="text-decoration:none; color:#FFFFFF; display:block; line-height:46px"><strong style="color:#FFFFFF; font-weight:normal"><strong style="color:#FFFFFF; font-weight:normal">Read Article</strong></strong></a></td></tr></tbody></table></td></tr><tr><td height="2" style="height:2px; font-size:0px; line-height:0px"><img alt="" src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/spacer.gif" height="1" width="1" border="0" style="max-height:1px; min-height:1px; display:block; max-width:1px"></td></tr></tbody></table></td></tr></tbody></table></th></tr></tbody></table></td><td width="40" class="em_hide" style="width:40px"> </td></tr></tbody></table></td></tr><tr class="mktoModule" id="medium_article_card_left_image_right_text__button96e24042-7cc6-4931-85da-9ed9cc6960f5"><td align="center" valign="top" bgcolor="#FFFFFF" class="em_dark" style="padding-top:20px; 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width:0; overflow:hidden; max-height:0px!important"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><td align="center" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0" align="center"><tbody><tr><th align="center" valign="top"><div class="mktoImg" id="mob_image_9afd3689f-e524-4380-9d09-0fa7c9a98d39"><a href="#" target="_blank"><img src="https://pages.e.northerntrust.com/rs/504-ZYK-173/images/Corp-2024-05-24-house-with-money.jpg" width="327" alt="house-with-money" class="em_full_img" style="display:block; font-family:Verdana,Geneva,sans-serif; font-size:12px; line-height:15px; color:#000000; max-width:174px"></a> </div></th></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></th><th width="32" class="em_hide em_clear" style="width:32px"> </th><th valign="top" class="em_clear"><table align="right" class="em_wrapper" width="338" border="0" cellspacing="0" cellpadding="0" dir="ltr" style="width:338px"><tbody><tr><td align="center" valign="top" class="em_ptop24"><table align="center" width="100%" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:12px; line-height:20px; font-weight:500; color:#115740; text-transform:uppercase; letter-spacing:2px"><div class="mktoText" id="text_625d705d7c-6a99-4558-a88c-418c7f549363"><p>Ryan Boyle</p></div></td></tr><tr><td align="left" valign="middle" class="em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:23px; line-height:32px; font-weight:500; color:#3D4042; padding-top:12px"><div class="mktoText" id="text_63516aff9e-bf1c-4f6f-be5f-f0fb14ce1165"><p>Home Equity: Tapping Out</p></div></td></tr><tr><td align="left" valign="middle" class="em_ptop em_txt_white" style="font-family:Equip,Arial,sans-serif; font-size:14px; line-height:20px; font-weight:400; color:#3D4042; padding-top:14px"><div class="mktoText" id="text_64ceb53d28-678d-4fce-9303-06bf0035e84d"><p>Home equity lending does not require policy support.</p></div></td></tr><tr><td align="left" valign="top" style="padding-top:16px"><table align="left" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td align="center" class="em_defaultlink em_txt_white em_dark" bgcolor="#115740" valign="middle" height="46" style="font-family:Equip,Arial,sans-serif; 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