The second quarter of 2025 was defined by a sharp, and at times uneasy, market rebound, after the dramatic selloff at the end of Q1. The quarter began with markets still digesting the impact of the Trump Administration’s April 2nd tariff announcements, which implemented significantly higher and broader tariffs than the market was originally expecting.  However, within a week, all tariffs were reduced to 10% on all countries except China, while “90 day” negotiations commenced.