Tariffs have been a cornerstone of international trade, used as tool for economic protection, political leverage, and revenue generation. While they can safeguard domestic industries, they also risk triggering retaliatory measures, raising consumer prices, and distorting global supply chains. The recent resurgence of tariffs under the Trump administration, particularly targeting China, Mexico, and Canada, has reignited debates on their efficacy and long-term consequences. Are tariffs a necessary shield against unfair trade practices, or do they inflict more harm than good?

In Q224, inflation continued trending down prompting the start of the easing cycle by G10 central banks. The global economy surprised positively as growth has been robust so far. Financial market valuations have risen globally.

Most investors manage their wealth for the long term, trying to maximize their returns for the risk that they are willing to take. But what if you have a financial goal that you want to reach by a certain, perhaps not that long-term, deadline? To answer this question, MBaer Merchant Bank launched the Project "Goal-Based Investing for retirement planning" in co-operation with Dr. Marcus Wunsch from ZHAW. Financial support from Innosuisse, the Swiss Innovation Agency, is gratefully acknowledged.

Inflation is running at its highest level over four decades and is forecasted to stay high and far above central banks' targets also next year. Central banks failed to deliver on their commitment to keeping inflation under control. Fed and ECB can only restore their credibility by acting aggressively to bring inflation down and compensate for their policy, forecasting and communication errors.