Macro & Market Trends 6.30.2025
June Market Commentary
The quarter began not with a fizzle, but with a bang. On April 2, the U.S. governmentannounced sweeping tariffs: a baseline 10% on nearly all imports and higher ratestargeting specific countries.1,2 This brought the average U.S. tariff rate to 22.5% (from anaverage of around 2.4%)—the highest level in over a century.3,4 On April 9, a […]