<h1>3.3% Q2 GDP rebound driven by import collapse and spending revisions; tariff program fuels trade risks, investment uncertainty</h1> The Commerce Department's revised estimate shows annualized GDP growth of 3.3% in Q2 following a Q1 contraction, driven largely by a sharp decline in imports and upward revisions to consumer spending; private investment and federal government outlays fell significantly. The federal executive's widespread tariff program, replacing prior freer-trade policy, is identified as a principal cause of volatile import patterns and business uncertainty. Legally, the measures raise regulatory and trade-law risks-including potential domestic challenges, increased litigation or dispute proceedings under international trade agreements-and may have inflationary and investment-impairment consequences relevant to future policy and litigation.