Core Insights - The ongoing discussions regarding the impact of tariff policies on markets and the U.S. economy are expected to continue, especially following President Trump's announcement of new tariffs on various goods, including pharmaceuticals, furniture, and heavy trucks [1][2]. Tariff Impact Analysis - The recent article from BNY Investments highlights the complexity of determining who bears the financial burden of tariffs, noting that the full impact has yet to be realized due to several factors such as timing delays and exemptions [2][3]. - Initially, domestic firms absorbed the tariff pressures, but evidence suggests that these costs are now being passed on to U.S. consumers, as indicated by the August CPI report showing a 2.9% increase year-over-year [4]. Investment Strategy Recommendations - Given the early stage of tariff impact assessment, advisors and investors are encouraged to consider adding actively managed funds to their portfolios, which can offer flexibility in response to changing market conditions [5][6]. - The BNY Mellon Concentrated Growth ETF (BKCG) is highlighted for its active management and stock selection process, focusing on sectors with growth potential over the next three to five years [7]. - BKCG's high-conviction growth strategy has yielded positive results, with a year-to-date NAV increase of 13.98% as of October 31, 2025 [8].