Markets dominated by US trade and tariff policy announcements

Select Wealth Management – Monthly View – April 2025

Uncertainty regarding US trade and tariff policy is likely to continue for some time, which will be unsettling for markets.

Expect a period of back-and-forth negotiations which may bring further positive surprises for markets.

Other developments may also bring relief for global equity markets, including:

• Central banks continuing to reduce interest rates, particularly in Europe, Australia, and NZ
• The prospect of political pushback in the US resulting in a toning down of trade policy
• A pivot by the Trump administration to promote the more positive elements of their policy agenda such as tax cuts and deregulation.

A key concern is further entrenchment of tariff positions between US and China, while the ever-evolving approach to tariff policy remains somewhat unpredictable.

At times of market volatility, we recommend investors continue to focus on their long-term goals while acknowledging that in the short-term returns may be volatile.

Select Wealth Management’s Monthly View (April 2025) is available at this link.