Trump, Trump, Trump, is a constant refrain. Whether geopolitically regarding Greenland, Ukraine, Yemen, or Gaza, or economically, there’s no getting away from the US President. As was the case during his first term in office, his fickleness is familiar; he clearly has precise ideas about how the world should run, and he tries to use every avenue to impose his will. His co-chairman, Musk, isn’t doing any better, making massive cuts to government spending but handing himself millions in subsidies for his space program. Let’s not even talk about the questionable interpretation of data protection when he appropriates all of the population’s data for his own purposes. What’s driving the market, however, is the emerging economic war. None of the protagonists seem to realize that every punitive tariff imposed places a greater burden on their own economy and population than on the countries on which the tariffs are imposed. For example, a German car will continue to sell for €50,000, but for an American, it will cost €62,500 in the future. This hurts the buyer, and sales will obviously decline, which will then impact the global economy. Either way, these actions will slow the already weak economic growth.
How will the markets react? They have reacted with a correction of around 11% since the beginning of March, but has everything already been priced in? Or should we expect further declines? This question will be decided in the coming weeks, and one can only hope that Trump pulls the ripcord early enough, as he did during his first term.
S&P500
What currently appears to be a small miracle is that the euro is holding its own against the dollar, even though the European economy is weaker than the American one. But the price of gold shows where things are headed; we’re seeing new highs almost daily.
Euro/US Dollar
Gold
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