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Source: EMARKETER Forecast, July 2025 - January 2026
Note: includes digital (desktop/laptop, mobile, and other internet-connected devices), directories, magazines, newspapers, out-of-home, radio, and TV
Additional Note: The “moderate tariffs” scenario assumes that US growth slows, but the downturn is limited due to selective or temporary relief brought by trade negotiations. The “heavy tariffs” scenario assumes that persistent broad US tariffs spark a global recession, leading to inflation, retaliation from other countries, and weakened business and consumer sentiment.