While the first three months of 2025 saw mild stock market declines, things really started falling off the rails on April 2nd, otherwise known as ‘Liberation Day’. During a formal rose garden ceremony, President Trump held up a large board announcing reciprocal tariffs on approximately 60 countries and a universal tariff of 10 percent. These countries had been “ripping off” the US for years, Trump insisted, although economists would argue that his calculations were a tad embellished and tariffs over-reaching, as even an island inhabited only by penguins would be tariffed. Indeed, no one is safe in a trade war.
