Cirilium Portfolios monthly commentary - April 2025

April was marked by significant market volatility, primarily driven by President Trump’s ‘Liberation Day’ announcement of sweeping reciprocal tariffs on imported goods. The tariffs announced on 2 April were broader and higher than expected, and the implications of this new US trade policy impacted equities, fixed income, and currencies. Stock markets recovered somewhat later in the month as Trump suspended the reciprocal tariffs for 90 days for countries that had not implemented any retaliatory measures. Against this backdrop, global equities ended the month down 2.4% whilst global bonds finished the month up by 0.5%.