RBC’s Calvasina: Tariff developments do not impact long-term equity market outlook

SelfRugger · 2026-02-28T19:34:05+00:00

RBC Capital's Lori Calvasina asserts that recent tariff changes will not affect the long-term U.S. equity market outlook, as companies can adapt to trade policy shifts. Short-term monitoring is advised, yet the changes are deemed inconsequential overall.

SelfRugger

2026-02-28 19:34:05

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RBC’s Calvasina: Tariff developments do not impact long-term equity market outlook

Sam Boughedda

Mon, February 23, 2026 at 9:30 PM GMT+9 1 min read

Investing.com – RBC Capital told clients in a note Monday that the latest tariff developments leave its longer-term view on the U.S. equity market unchanged, arguing that recent moves were widely anticipated by investors and that companies have demonstrated an ability to manage through shifting trade policy.

Lori Calvasina, head of U.S. equity strategy research at RBC Capital, wrote that the near-to-intermediate effects of the tariff changes fall “somewhere between ‘having little impact’ and ‘slightly positive.’”

She added that both the U.S. Supreme Court decision on the use of the International Economic Emergency Powers Act and expectations that the White House would impose tariffs through other mechanisms have been widely anticipated by US equity investors.

Calvasina noted that companies have repeatedly highlighted their ability to adjust to evolving tariff rules, saying U.S. public companies have been “emphasizing and highlighting their ability to manage through the evolving tariff landscape through supply chain adjustments, pricing, and other mitigation tactics.”

RBC Capital said its bottom line is that “the latest tariff developments do not have a material impact on our longer-term US equity market outlook, and we remain constructive on US equities in the year ahead.”

The firm added that it sees potential short-term dynamics to monitor, but echoed its industry analysts in concluding that recent tariff changes “are not a game changer” for sector outlooks.

RBC Capital also highlighted the potential for the tariff debate to factor into the midterm election narrative but said longer-term implications remain limited for now.

RBC’s Calvasina: Tariff developments do not impact long-term equity market outlook

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