although tariffs on China, for example, have been reduced, they are still elevated, and we have seen no clear indication of a rebound in activity in the Port of Long Beach/Los Angeles. 30% (or whatever the final rate may be) may seem a godsend compared to 145%, but it is still incredibly high and a potential death knell for quite a few US importers.

Regarding the first point, it remains difficult to say whether the United States will ultimately enter a recession due to tariffs, which are now partially suspended. What is beyond doubt, however, is that uncertainty remains very high. The moratorium is only valid for 90 days, and the trade conflict with China is far from resolved

Markets have been significantly shaken by the announcement of new U.S. tariffs, particularly high and, to say the least, relatively arbitrary in their calculation.

Politics cannot be ignored right now, as US decisions from anything to Ukraine to tariffs have a clear impact on markets.