#TariffsPause The temporary tariff of the Trump administration, excluding China, has provoked a mixed reaction. While the tariff pause generated a breather in the stock markets, driving a notable rebound, export economies in Asia and Europe are already feeling the effects of the underlying tariffs. Vietnam's dependence on the U.S. market exemplifies this vulnerability. The projection of a slight decline in global merchandise trade in 2025, with a significant contraction in North American exports, underscores the fragility of this truce. Uncertainty persists, and the reactivation of tariffs or a stalemate in negotiations could trigger greater economic risks globally.