As President Donald Trump's tariffs continue to create headwinds, UBS said investors should focus on long-term trends set to boost markets.

Both the S&P 500 and Nasdaq - and by extension, MSCI's world equities index - retreated from record peaks after traders shaved back bets of U.S. rate cuts this year as prices rose for things such as coffee and couches, while staying steady for tariff-exempted items such as cars.

Another week, another headline about tariffs. And maybe, after months of mixed messages, you've tuned it out. After all, didn't Trump pause those tariffs back in the spring? Didn't the market bounce right back afterward?

In a wide-ranging interview with NBC News, Trump talked about tariffs, sending Patriot missiles to NATO for Ukraine and how he'll sell his recently passed "big, beautiful bill."

The stock market and bond market are forecasting different scenarios for the U.S. economy. The former projects optimism — higher equity prices, earnings growth, broad enthusiasm — but the latter sees weakening growth. Apollo chief economist Torsten Slok highlighted this disconnect in research published this week.

Trump has repeatedly shifted his stance on tariffs since his “Liberation Day” announcement—earning him the nickname “TACO Trump.”

The economy’s resilience so far to President Trump’s global trade war risks emboldening him and unleashing the sort of economic devastation that economists have long feared.

U.S. stock-market futures declined as the Trump administration said a broad swath of tariffs against U.S. trade partners won’t take effect until Aug. 1, rather than July 9.

Nucor set to gain from tariffs and steel demand growth with $6.5B capex plan. Learn why NUE stock is rated a 'hold' despite recent underperformance.