Fitch downgrades North American corporate rating outlook to "negative," warning that high tariffs may trigger a dual pressure of inflation and consumption shrinkage

Fitch Ratings has downgraded the 2025 growth outlook for North American non-financial corporations, adjusting the rating outlook from "stable" to "negative." The agency warned that high tariff policies could trigger inflation and a decline in consumption, affecting economic operations. This adjustment involves multiple consumer-oriented industries, where corporate profit models face structural changes, potentially requiring unconventional business strategies to maintain cash flow. Despite maintaining its fundamental assessment of the U.S. economy, Fitch has downgraded its expectations for GDP growth, inflation, and the consumer market