The Globe and Mail reports in its Thursday edition that on Wednesday, Barclays joined Goldman Sachs and RBC Capital Markets in reducing its year-end target for the benchmark S&P 500 index, due to uncertainty stemming from U.S. President Donald Trump's tariff policies. A Reuters dispatch to The Globe reports that Barclays expects the S&P 500 index to be at 5,900 from 6,600, after Mr. Trump's sweeping moves roiled global financial markets and spooked investors, with the benchmark U.S. index down about 1.8 per cent so far this year, after a stellar 2024. A recent survey indicated that U.S. business activity increased in March, but concerns over import tariffs and government spending cuts still dampened sentiment and outlook for the year. Barclays analysts led by Venu Krishna believe that while earnings may decline due to tariffs imposed by Mr. Trump, valuations will slowly recover. These tariffs could stifle growth and modestly boost inflation, but are not expected to lead the U.S. into a recession. Barclays's base case for tariffs assumes "no further escalation of China tariffs, Trump's aims for Canada and Mexico tariffs are primarily political" and reciprocal tariffs amount to 5 per cent on the rest of the world.