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Corporate profits fell for a second straight quarter in the spring as the effect of last year's tax cut wore off and companies contended with uncertainty from the Trump administration's trade wars.

As the second quarter earnings season winds down, companies in the S&P 500 index are on track to notch the first back-to-back quarters of slumping profits in three years. While the results weren't as bad as Wall Street initially projected, analysts are already forecasting another drop in profits in the current quarter.

Corporate profits soared last year after the tax rate was slashed to 21% from 35% by the Tax Cuts and Jobs Act. 

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