The catalyst for a dramatic regime shift in global trade came on ‘Liberation Day’ on 2nd April when US President Donald Trump signed an executive order enacting reciprocal tariffs on US trade partners.

President Trump reverses tariffs on non-retaliatory countries as Chinese trade war intensifies.

We look at what has happened in the world of global economics and finance over Q1 2025 and what risks and events may affect markets in Q2 2025.

Investors and, more importantly, central bank officials have adopted a wait-and-see approach to the mercurial announcements of potential US tariffs on imports.

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