PIMCO CEO: Tariff uncertainty poses a risk to U.S. stocks

Emanuel Romain, chief executive of Pacific Investment Management Corporation (PIMCO), said the full impact of Trump's tariff policy was yet to be felt, an issue that could weigh on the outlook for the US stock market depending on how it unfolds. "While there are bright spots in the economy, such as the data centre boom, if you look at companies outside of the hyperscale, the US industry is not doing well," he said. "Revenues are not growing, and one of the issues we don't know is the impact of tariffs and how US companies are going to deal with things like pass-through prices or reduced profits," Romain said. "We haven't really seen part of the equation yet."