#TariffsPause

Tariff Impact Analysis: April 26, 2025 The 90-day tariff announced by the Trump administration on April 9, 2025, excluding China, has generated a significant impact on global trade. It has temporarily tempered recession fears, spurring a rebound in stock markets, with the S&P 500 rising more than 7% in minutes. Exports from Asia and Europe, especially from Vietnam (30% of the economy depends on the US), are being hit by the underlying tariffs, although the pause has averted a deeper contraction. World merchandise trade could fall by 0.2% in 2025, with North America projecting a 12.6% drop in exports. Uncertainty persists as reactivation of tariffs or failure of negotiations could amplify economic risks.