Liberation Day: liquidation or stabilisation?

Trump has finally “liberated” us from many months of suspense. Below is our in a nutshell approach to the latest news, knowing very well that it is not the last chapter.

WHO has been targeted?

Basically, everyone. But especially the countries considered by the American administration as the “worst offenders” that charge higher tariffs on US imports than those charged by the US on foreign imports (hence the term reciprocal tariffs) even though the tariffs imposed have actually turned out to be a function of these countries' trade surpluses with the United States.

WHAT with?

In a one-hour long presentation in the White House’s Rose Gardens surrounded notably by US autoworkers, President Trump announced the following...

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April 04, 2025

April 04, 2025

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