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As anyone who has poked their heads up above the spring flowers (and pollen) knows, this past week has brought significant changes to U.S. trade policy. The Trump administration announced a 10% global tariff (effective April 5) and reciprocal tariffs of 11–50% on 57 countries (effective April 9).

Markets responded swiftly to President Trump’s April 2 announcement of extensive reciprocal tariffs targeting major trading partners.