Trump’s unexpected escalation of reciprocal tariffs — initially well above market expectations — triggered a sharp correction across global financial markets. However, facing rising domestic bond market volatility, the U.S. administration abruptly reversed course on April 9, announcing a 90-day pause on the most recent tariff hikes, with the notable exception of China. Tariffs now stand at an interim rate of 10%.

This policy shift reveals the White House’s tolerance threshold for market stress and may signal the formation of a tentative bottom in risk assets. In the near term, we expect less volatility and a greater degree of asset class discrimination from markets.

Read the Macro Update for April 2025

Alantra

Alantra is an international financial services firm with over 600 professionals representing 35 nationalities across 24 offices. Founded in 2001, Alantra provides alternative asset management, private capital and financial advisory services to companies, families and investors operating in the mid-market segment.

Information provided is general information and is for educational purposes only, and does not include, or constitute as, financial product advice.