President Trump’s new tariff regime is adding more confusion than clarity—rattling markets, amplifying recession fears, and complicating decision-making across private capital. With dealmaking already subdued and exit activity struggling, the latest policy shifts only deepen investor hesitation and risk exposure.

For private market participants, the stakes just got higher.

Our latest analyst note unpacks the immediate and long-term implications of this new protectionist turn. From heightened volatility and asset-allocation challenges to the potential for reshaped supply chains, shifting capital flows, and emerging tariff-driven investment niches, we examine how private investors can navigate—and potentially capitalize on—this rapidly evolving landscape.

Federal Reserve Chair Jerome Powell cautioned Friday that the Trump administration’s sweeping tariffs could lead to higher inflation and slower economic growth.

He warned that the impacts of the levies could be more significant than expected, and more enduring than just a temporary rise in inflation. He also stressed the difficulty in assessing the tariffs’ effects at this stage due to the lack of clarity on key details about their scale and duration.

https://pitchbook.com/news/articles/tariff-impacts-on-private-markets