Macro Markets Special: impact of US trade tariffs on the markets

Eurizon Weekly, 12.05.2025. The 90-day suspension of tariffs between the US and China and the constructive tone of negotiations, announced earlier this week, were well received by markets with very positive openings. Investors are now waiting for details of the deals and the next steps to end the trade war. There’s also a focus on assessing the macro impact of the tensions of the last two months in a context of uncertainty that has seen a significant deterioration in confidence indices, especially among consumers. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 12 May 2025.

“The Globe”, Eurizon’s investment view. The baseline scenario sees the US administration’s decisions as the main focus theme. The likeliest outcome is the signing of bilateral agreements although the process may take time. Therefore we confirm an only moderately pro-cyclical approach. Discover Eurizon’s positioning for May 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 05 May 2025.

Eurizon Weekly, 28 Apr. 2025. The global stock markets, and the US in particular, experienced a positive week thanks to the ongoing openness to talks on trade tariffs shown by the Trump administration. Stefano Cucchi of the Eurizon Product Specialist & Macro Research team takes a closer look. Audio recorded on 28 Apr. 2025.

Eurizon Weekly, 22 Apr. 2025. Last week volatility eased somewhat on news of potential negotiations on US trade tariffs, although no formal agreements have yet been reached, the White House’s change in approach has been welcomed by investors. However, the key factor for the future global macroeconomic picture is still the evolution of trade relations with China, the only country that has acted in strong retaliation of US tariffs. Stefano Cucchi of the Eurizon Macro Research & Product Specialist team takes a closer look.   Audio recorded on 22 Apr. 2025.

Eurizon Weekly, 14 Apr. 2025. The financial markets experienced another volatile week, as uncertainty lingers over the evolution of trade tariffs. The market was conditioned by announcements, denials, and official statements: in addition to the possibility of negotiations with trade partners and the confrontation with China, that may have peaked, the markets also priced in the new fiscal package approved by the US Congress. Andrea Conti, Head of Macro Markets Analysis at Eurizon takes a closer look. Audio recorded on 14 Apr. 2025.

Eurizon Weekly,7 Apr. 2025. Considerations on economic growth, inflation, and the outlook for the markets in light of the new trade tariffs announced by the US. Andrea Conti, Head of Macro Markets Analysis at Eurizon, takes a closer look. Audio recorded on 7 Apr. 2025.

“The Globe”, Eurizon’s view. The scenario combines a moderate expansion in the Eurozone with positive growth in the US. While the United States themselves now face the prospect of a slowdown due to their own tariffs, Europe and China are compensating with stronger fiscal policy measures. The main focus theme, and source of potential volatility, are still the economic policy decisions of the Trump administration Find out how Eurizon is positioned for April 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 27 Mar. 2025

Eurizon Weekly, 24 Mar. 2025. Last week’s main events were the Fed’s policy meeting (that left rates unchanged), still solid macro data in the US and, in Europe, the approval in Germany of the constitutional changes required to approve the massive financial defence and infrastructural spending plan. However, the markets remained cautious overall, as focus is presently on the actual size of the tariffs announced by the US administration. Andrea Conti, Head of Macro Markets Analysis at Eurizon, takes a closer look. Audio recorded on 24 Mar. 2025.

Eurizon Weekly 17 mar. 2025. Last week the stock markets continued to prove rather volatile, due to uncertainty generated by the erratic approach of the US to its new trade policies. Business and consumer confidence, that has driven the US economic cycle over the past few years, remains the greatest source of concern for investors. The FOMC meeting this week is expected to shed light on the future course of monetary policy. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 17 Mar. 2025

Eurizon Weekly 10 Mar. 2025. Volatile week on the financial markets, as in the US the Trump administration acted confusedly on trade tariffs and macro data stopped strengthening, while in Europe the announced fiscal expansion in Germany came swiftly and unexpectedly, together with new defence spending in the EU, prompting the markets to price in a very different scenario from the previous. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 10 Mar. 2025