Trump Tariff Review: 09 April 2025
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Market Mood
Equity markets fell sharply following President Trump’s unexpectedly high tariff announcements, with US stocks and the dollar hit hardest due to elevated valuations and near-term risks. Economists expect slower global growth and rising inflation, but multi-asset funds like Hawthorne have been more resilient, benefiting from fixed income allocations and protective strategies. While some segments, like the "Magnificent 7" and small caps, have entered bear markets, global equities remain down around 8% year-to-date. Despite ongoing volatility, Hawthorne has preserved capital better than its benchmark, and remains cautiously positioned with diversified exposure and downside protection, anticipating improved market conditions in the second half of the year.