Weekly Economic Report 4.18.25

The two biggest contestants in the global trade battle royale traded feints and jabs again this week, while most of the other hid along the ring ropes happy to be out of the focus of Trump the Tariff-ic. Investors continued their retreat from US assets, after a brief weekend equity rally when electronic were first exempted from tariffs – but then promised their own special class of levies, like autos already, and pharmaceuticals soon. The dollar weakened slightly reflecting the movement of capital away from Wall Street. We are in a period of both waiting & watching – and for many, whistling past the graveyard – as the real fireworks will not start for another week or so when ships loaded after April 2nd reach dock in the US and face 10% levies for most nations and much, much higher for China (depending on the goods).

EU04-18-2025.pdf

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