“Liberation Day” revisited

2 April 2025 was a fateful day for investors worldwide, as markets were rocked by President Trump's "Liberation Day" tariff announcements.  These measures, aimed at “liberating” America and revitalising the US manufacturing sector back to its heyday, sparked widespread fears of recession, domestically and among trade partners. The introduction of higher reciprocal tariffs in the subsequent days, considerably more brutal for partners like China and Canada, further plunged markets into chaos, triggering a sharp slump in asset prices globally. After a week of back-and-forth tariff exchanges, with investors anxiously watching the markets tumble, the reciprocal tariff D-day on April 9 brought some unexpected relief as the Trump administration announced a 90-day suspension on higher tariff rates for most countries, prompting trade partners like the EU to match the suspension on their retaliatory tariffs.  This pause also included electronic appliances such as TV sets and washing...