March 2025 - A turbulent end to the quarter

After a tense February, trade and geopolitical uncertainties escalated further in March, prolonging the instability on the stock markets. On the eve of April 2, the long-awaited Liberation Day, the Trump administration made a number of statements on the trade front, hinting at the imminent imposition of new reciprocal tariffs on a wide range of trading partners, including Canada, Europe and China.