Trade uncertainty darkens U.S. small caps outlook

NEW YORK - Shares of smaller publicly listed U.S. companies have fallen more on recent U.S.-China trade tensions than larger corporations and could face an even rougher road as the year wears on unless the prospects for economic growth improve.

But if rising tariffs boost import prices to the extent that it slows U.S. economic growth, then smaller companies, which often have less financial cushion than big multinationals, could be badly hurt. And since many U.S. companies use overseas suppliers, tariff hikes could make imported goods too pricey.

And if the United States fulfills its threat to slap 25% tariffs on another $300 billion of goods that China sells here, that would add to the pressure. Looking forward, analysts expect third-quarter EPS growth of 6.9% for the S&P 600 and 23.3% growth for the fourth quarter, according to Refinitiv’s Aurelio.

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