BofA note says US midterm elections may temper tariff aggressiveness, expecting effective tariff rates to settle at 6‑8%.
Analyst Claudio Irigoyen warns prolonged war could push gas prices higher, increasing market risk and influencing policy decisions.
BofA expects Section 122 tariffs to expire in July, with new measures under Sections 232 and 301 potentially offset by election‑driven moderation.
Near‑term market catalysts include upcoming US factory orders data and comments from a Federal Reserve official.