Section 899 of the “One Big Beautiful Bill” moving through Congress has raised growing alarms on Wall Street, after the once-obscure provision was initially overshadowed by the budget proposal’s estimated impact on the deficit.

Boeing chief executive Kelly Ortberg said he was working with the Trump administration to ensure the company was not “an unintended consequence” of the trade war with China, suggesting countries buy more of its planes to reduce their trade deficits with the US.

The S&P 500 rose more than 6% in May, inching closer to record highs set before Trump unveiled plans for sweeping tariffs.

Despite some recent reversals in trade policy, the broader trend still indicates a rise in trade barriers compared to the start of the year.

A chronic housing slowdown and high youth unemployment rate have made China more vulnerable than it was in President Trump’s first term.

China’s factory activity contracted at a slower rate in May after a reprieve in the tariff war with the US unclogged trade flows, even as weak domestic demand continues to weigh on the economy.

Trump has multiple legal avenues to quickly reimpose or escalate tariffs, including Section 122 and sector-based tariffs under Section 232. Read what investors need to know.