Trade Turmoil: Assessing the Impact of Tariffs on Markets, the Economy, and Investors

April 07, 2025 | Evan Frazier, CFA, CAIA, Senior Research Analyst, Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research

The global trade landscape has been significantly reshaped by a series of aggressive tariffs initiated by President Donald Trump. These measures have elicited strong reactions from market participants and U.S. trade partners alike, leading to elevated levels of market volatility, souring economic sentiment, and strained diplomatic relations. While the situation is ongoing with major developments seemingly arising each day, this paper aims to summarize the events that have led to this point, detail the impact of the trade war on global markets, and provide commentary on what investors might expect in the months ahead.

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