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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, Director of Research, Managing Partner

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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Evan Frazier, CFA, CAIA
Senior Research Analyst

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Greg Leonberger, FSA, EA, MAAA, FCA
Director of Research, Managing Partner

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The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.