From trade to fiscal
In breve
Global risk assets extended their recovery from the ‘Liberation Day’ shock in May, with equities now trading more than 5% above April 2 levels (MSCI World). Substantial uncertainties about US tariffs persist, with deadlines looming for July 9 (‘reciprocal’ tariffs and threat of 50% on EU) and Aug. 12 (China ones) while the 10% universal rate is still in place.
