Tariffs, Technology, and Tension Points Shaping the 2026 Outlook with Carl Tannenbaum

About this episode

The episode discusses the economic pressures shaping the outlook for 2026, focusing on trade policies, geopolitical tensions, and the impact of artificial intelligence.

Economic pressure rarely comes from a single source. It builds through policy shifts, innovation waves, and global relationships that test long-held assumptions. In this episode, host Paul Fahey speaks with Carl Tannenbaum, Chief Economist at Northern Trust, to reflect on the forces that defined 2025 and what they signal for the year ahead. They examine trade policy shifts, geopolitical strain, and the unwinding of global supply chains. The conversation also explores fiscal pressure across advanced economies, inflation expectations, and the evolving role of central banks. Together, they look at how artificial intelligence is influencing productivity, labor markets, and long-term investment decisions heading into 2026. Key takeaways: Why trade policy changes and tariffs reshape investment decisions and supply chain planning Global security concerns are influencing fiscal priorities and cross-border cooperation AI-driven productivity gains alongside labor market disruption for early career workers How the rising debt burdens and interest costs are pressuring government budgets How inflation trends, wage pressures, and central bank independence shape market outlooks And more…

People in this episode

Host: Paul Fahey

Guest: Carl Tannenbaum

Topics covered

• economic outlook
• trade policy
• geopolitical tensions
• artificial intelligence
• inflation
• central banks

Keywords

• tariffs
• global supply chains
• fiscal pressure
• labor markets
• investment decisions
• debt burdens
• inflation expectations

Mentioned in this episode

Organizations: Northern Trust

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