Monthly Download: April 2025

US tariff policy gripped markets in April following President Trump’s “liberation day” announcement after the market close on April 2nd. Swift equity market reaction and concerns over the US dollar and Treasury markets led the administration to delay reciprocal tariff implementation for 90 days which drove a substantial market recovery. Investors are now focused on whether the administration can deliver trade deals and whether damage to economic activity will be temporary or lasting. Meanwhile, companies are caught dealing with uncertainty leading to lower confidence in earnings guidance that may create a headwind for risk assets.