🚨How different assets have performed following Trump's Liberation Day?

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As we know, on April 2nd, President Trump announced the so-called ‘Reciprocal tariffs’, which triggered a global financial market turmoil. More about this event and subsequent developments in the latest two market recaps.

In a matter of weeks, US economic, trade, and fiscal policy uncertainty skyrocketed to the highest levels on record. Additionally, US regulation uncertainty jumped to the 4th highest ever.

To put this differently, the majority of investors basically do not know what can happen this year and how the trade war could be resolved in the upcoming months in terms of the level of tariffs, potential deals, impact on the US and global economy, etc.

One potential framework was outlined in the below article, which seems to be currently in play:

I will elaborate and update on how this scenario has been materializing since then in the following weeks.

Meanwhile, let’s find out how investors have reacted so far to the historic uncertainty in the world’s largest economy and what kind of assets have performed best since April 2nd.

GOLD HAS BEEN THE OBVIOUS WINNER, BUT WHAT ASSETS HAVE ALSO BEEN RESILIENT

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