TRUMP TARIFFS CREATE COVID-LEVEL UNCERTAINTY, SAYS MORGAN STANLEY Businesses are facing uncertainty not seen since the early days of COVID-19, driven by President Trump’s unpredictable tariff policies, according to Morgan Stanley. Analysts say this uncertainty is hurting earnings forecasts and making long-term planning difficult. While the U.S. is in a partial 90-day tariff pause with some countries, key levies—like 10% universal tariffs and duties on steel, aluminum, and autos—remain. Tariffs on Chinese goods have jumped to 145%, with China retaliating at 125%. The Federal Reserve is holding off on rate changes until the tariff impact becomes clearer, drawing criticism from Trump, who has again threatened to remove Fed Chair Jerome Powell. Despite the turmoil, Morgan Stanley expects the S&P 500 to stay between 5,000 and 5,500 short-term. They recommend investors focus on strong individual stocks, citing Ecolab, Halozyme, Zoetis, Arista Networks, and Apple as promising picks.