WTW · 10-Q · 2026Q3 · Full report

Tariff and Macroeconomic Uncertainty

WILLIS TOWERS WATSON PLC · 2026-10-29 · Importance 10 · Surprise 6

WTW identifies uncertainty in U.S. and global markets from tariff actions, global trade, currency fluctuations, debt and equity market volatility, interest-rate uncertainty, persistent inflation, softer consumer confidence and labor markets, and geopolitical conflicts in Russia, Ukraine, and the Middle East. The company does not expect the direct impact of the dynamic tariff environment on its business to be significant unless retaliatory actions extend to services, but says indirect effects could harm its business, operations, and financial condition. It specifically cites the U.S. Supreme Court decision striking down tariffs imposed under the International Emergency Economic Powers Act and warns that changes in consumer sentiment, trade relations, economic activity, U.S. federal government operations, inflation, and willingness to do business with U.S.-listed firms could have negative effects. Higher labor and capital costs, interest rates, and reduced credit availability can also affect operating costs, investment, and access to liquidity; discretionary services and M&A-related work may be affected by spending caution and lower transaction volumes.

Key facts

• WTW does not expect the direct impact of the continuing tariff environment on its business to be significant so long as retaliatory actions do not extend to services. source
• WTW said indirect tariff and legislative or regulatory effects, including changes in consumer sentiment, trade relations, economic activity, U.S. federal government operations, inflationary pressures and employee distraction, could negatively affect its business, operations and financial condition. source
• WTW said health and benefits and administration businesses can be countercyclical during the early period of a significant economic change. source