$ETH Analysis of the Impact of Tariffs: 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, boosting a rebound in capital markets, with the S&P 500 rising by more than 7% within minutes. Exports from Asia and Europe, particularly from Vietnam (30% of the economy depends on the U.S.), are affected by the underlying tariffs, although the pause has avoided a deeper contraction. Global merchandise trade could decline by 0.2% in 2025, with North America forecasting a 12.6% drop in exports.