Credit Conditions North America Special Update

U.S. Policy Push And Pull

The combined effects of U.S. trade, immigration, and federal government cost-saving policies are adding downside risk to an economy already slipping to below-trend growth and beginning to weigh on credit in the region. The U.S. tariffs that took effect this month push the U.S. effective tariff rate to more than 18%—about eight times the 2024 rate of 2.3%. 

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What We’re Watching: Key Themes 2025

The intensifying global trade war will likely weaken global credit conditions, threatening what has been a fairly favorable environment for most borrowers. While market volatility is likely to continue, ratings performance has so far exhibited resilience.
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S&P Global Ratings' European Structured Finance Conference 2025

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