April 2025 Market Brief – Anatomy of a Bear

The tariff shock continues to reverberate throughout the market with the Trump administration continuing to defend its actions, focusing on, “sometimes you have to take medicine” as they seek to rebalance trade deficits and re-shore manufacturing and production back to the USA. This is a rapidly developing situation that is likely to see further downside until we get some negotiations. Tariffs are likely here to stay, even if they are rolled back less onerous.

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