“Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” according to the directive, which the White House posted on X.

Companies must decide whether to issue now, when rates are higher but tariffs are paused, or wait until autumn, when rates are expected to fall but tariffs may have kicked in.

While U.S. GDP fell slightly to start the year, other nations’ economies were growing.

Risk premiums in the CCC tier of the bond market have jumped more than 150 basis points this year. Still, some argue spreads aren’t yet fully reflecting concerns about growth, trade, and geopolitics.