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Newsletter – Q2 2025 in Review

Jul 31, 2025

The second quarter of 2025 started with turmoil. Equity markets plunged in early April after the U.S. imposed sweeping new tariffs (up to 60%) on imports from China, Mexico, and even close allies like Canada. Dubbed “Liberation Day.” This policy shift created significant market uncertainty, leading to an 11-12% drawdown in U.S. indices by mid-April. However, a combination of resilient economic data, robust corporate earnings (especially from the tech sector), and diplomatic moderation helped reverse sentiment.

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