President Donald Trump unveiled his long-threatened reciprocal tariffs, putting an exclamation point on a new era of protectionism. Our regional analysts review the tariff policies and provide thoughts on the implications for markets.

Galvanized by U.S. rhetoric, the European Union looks to be pivoting towards greater cohesiveness and increased fiscal spending. We examine the implications for the regional equity market.

Equity markets have followed diverse paths in the first three months of 2025. We think several factors are now in play that will influence the direction they take from here.