Entering the Bear Market: Trump’s Tariffs Tip Global Markets Into Turmoil

By Nato Balavadze

8 April 2025

In this paper, we discuss:

• US stocks entering a new volatility regime; 
• How global bond markets were rattled as tariff shock sparked recession fears;
• Credit spreads: are we seeing systemic stress;
• FX Turmoil: How tariffs are weakening the dollar, and boost safe-haven currencies; and
• The fall in crypto markets amid tariff shock and macro headwinds.

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Download PDF: Market Piece – NB – 080425

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