Economic indicators suggest growing anxiety among consumers and businesses. The Index of Consumer Sentiment dropped by 10% in February, inflation expectations have risen, and major stock market indexes were in correction territory as ofmid-March.¹ Alongside ongoing geopolitical tensions in Eastern Europe, concerns about a potential trade war are fueling uncertainty about the economic outlook.

On February 1, the U.S. imposed new tariffs—25% on imports from Mexico and Canada and an additional 10% on imports from China—leading to swift retaliatory measures from trade partners. While some sectors may have been temporarily exempted, the risk of global trade disruption is contributing to heightened short-term stock market volatility.

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