It seems like a distant memory now, but 2025 began with an upbeat outlook, buoyed by deregulation and robust earnings. By February, however, the mood shifted as the U. S. released a significant trade policy document, hinting at a tough stance towards its trading partners.

I joined Juliette Saly from Ausbiz last week to discuss the market reaction to Trump’s on-again off-again tariffs. The unpredictable nature of these trade measures has fuelled volatility in markets, further compounded by China’s retaliatory actions.