#TariffsPause 26 April 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 temporarily tempered recession fears, stimulating a rebound in capital markets, with the S&P 500 rising by more than 7% within minutes. Exports from Asia and Europe, especially from Vietnam (30% of its economy depends on the US), are affected by the underlying tariffs, although the pause has avoided a deeper contraction. Global merchandise trade could decrease by 0.2% in 2025, with North America forecasting a 12.6% decline in exports. Uncertainty persists, as the reactivation of tariffs or failure of negotiations could amplify economic risks.