The Drill: Approaching the End of the Tariff and Peace Trades?

311 Views27 Mar 2025 01:49

SUMMARY

Welcome to our weekly editorial on everything geopolitics- and commodities! We are approaching the “Liberation Day” on Apr 2 where we will (hopefully) get more clarity around the tariffs plans from Trump.
We have recently seen a semi-u-turn from the Trump administration on the severity and depth of the reciprocal tariffs announced next week, and the base-case is a softer stance with some negotiated exemptions for big partners.
This is also exactly what paves the way for a very decent comeback in US risk assets now, something that we expect to continue into April when the softened USD and slightly lower USD bond yields start feeding through via easier financial conditions.

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