Compared to the optimism when President Trump was re-elected in November 2024, market sentiment has shifted dramatically. Since the announcement of reciprocal tariffs on April 2, volatility has surged across asset classes. Notably, even traditional safe havens like US Treasuries have seen sell-offs, while the US dollar has weakened. Some investors have remarked that the “new Trump trade” is to sell US assets. With uncertainty dominating the global outlook, here are five key charts we’re closely watching in the wake of Trump’s latest tariff move.

1. US employment remains a bright spot in the economy.

As an economy that relies heavily on consumer spending, the labour market is absolutely critical to the US economy. Even though consumer sentiment has softened recently, the unemployment rate stood at 4.2% in March 2025, close to historical lows. One key data point we monitor is initial jobless claims—the number of Americans filing new applications for unemployment—which provides early signals about the labour market. These claims remain at low levels....