9th April 2025

T.Rowe Price

When writing about Trump’s tariffs in February, I predicted that their bite would be worse than their bark. However, hardly any of us could have predicted the chunks that would be taken out of risk assets following Trump’s “Liberation Day” announcement on April 2. Watching the press conference, I was reminded of the opening scene of the (original) Gladiator movie, when the Romans are confronting the Barbarians. General Maximus tells his lieutenants to “unleash hell”—and a maelstrom ensues.

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