The violent repricing in April, from long-end Treasury selloffs to a dollar slide, signals something deeper than market noise. It points to a growing fragility at the core of U.S. financial credibility. What was once considered risk-free is now being repriced. The rise in long-term yields reflects not inflation fears or stronger growth, but rising concern over supply, trust, and structural imbalances. These are not the typical ripples of cyclical weakness. They signal a market reappraising the core assumptions behind America’s “risk-free” status.

Imagine a world where the U.S. dollar is no longer the undisputed reserve currency. Where foreign governments, once eager to stockpile U.S. Treasuries, are instead forced to accept financial terms dictated by Washington. Where economic diplomacy is no longer a delicate balancing act but a game of hardball, played from the gilded halls of Mar-a-Lago. This, according to its proponents, is the future promised by the so-called Mar-A-Lago Accord, a radical restructuring of global trade and monetary relations, designed to tilt the playing field back in favor of the United States.

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.