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Global Insight Monthly

Global Insight Monthly cover - August 2025

Transmission framework: How tariffs will flow through the U.S. economy

As U.S. tariff policy continues to evolve, investors are facing more questions than answers. RBC Economics provides a roadmap on when and where tariffs will start to impact the U.S. economy. Read the Global Insight Monthly »

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The numbers behind U.S. tariffs

Collections from U.S. tariffs are surging. As legal uncertainty looms and costs gradually pass through, balancing resilient corporate fundamentals against policy risks remains crucial for portfolio positioning.

Todd M. Wiedenfeld is currently registered to conduct business with residents of the following states: CT, DE, FL, IL, KS, MD, MI, MN, MO, MT, NJ, OK, PA, SC, TX, WI.

Derek M. Engler, NMLS # 1297821 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.

Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.

Derek M. Engler is currently registered to conduct business with residents of the following states: CT, DE, FL, IL, KS, MD, MI, MN, MO, MT, NJ, OK, PA, SC, TN, TX, WA, WI.

, and Derek M. Engler, NMLS # 1297821 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.

Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.

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Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.

Contact information

Madison Capitol Group

Phone: 608-252-7518

Todd M. Wiedenfeld

Senior Vice President - Financial Advisor

Phone: 608-252-7515

Derek M. Engler

Senior Vice President - Financial Advisor,
Portfolio Director Group

Phone: 608-252-7518

Nina M. Severini

Associate Vice President,
Senior Financial Associate

Phone: 608-252-7526