Monthly Commentary – February 2025

Distilling the Implications of US Tariffs
Over the past month, the world has been shaken by a dizzying number of policy announcements from the new Trump administration. One of the main sources of uncertainty centers around the use of tariffs. Whether they are a negotiating tool to achieve particular policy objectives, or a revived way to permanently fund the Federal government is beyond the scope of this report. Here, we are only striving to analyze the impact of such measures on the economy and markets.

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