General Overview Tariffs, tariffs, and more tariffs. The second quarter was dominated by threats and economic policy measures that sparked a full-blown trade war between the United States and many of the world’s major economies. A “war,” in fact, that adds to those conflicts that have been reshaping global geopolitical dynamics for years. The quarter opened with the newly elected U.S. President announcing on April 2, “Liberation Day”, the imposition of outdated customs tariff

General Overview During the first quarter of 2025, the global economy entered a transitional phase marked by evolving monetary policies, rising geopolitical tensions, and increased volatility in financial markets. In January, Donald Trump was sworn in for his second term as President of the United States and promptly adopted bold measures. Alongside diplomatic initiatives aimed at brokering a ceasefire in Gaza and resolving the conflict between Moscow and Kyiv, he also advanc

General Overview 2024 looked like a transitional year. Geopolitical issues and interest rate cuts were the dominant themes. Ongoing conflicts showed no signs of de-escalation, while central banks initiated a policy of interest rate reductions following inflation stabilization, albeit more gradually than initially expected. In the last quarter of the year, the ECB implemented a double 25-basis-point cut, bringing the reference refi rate to 3.15% (making it -1.35% in the year).