#TariffsPause Analysis of Tariff Impact: 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 temporarily eased recession fears, stimulating a rebound in capital markets, with the S&P 500 rising by more than 7% in a few minutes. Exports from Asia and Europe, especially from Vietnam (30% of the economy depends on the USA), 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.