--- title: "Trump turmoil: soaring uncertainty stalls economic decisions" description: Meanwhile, crisis fears triggered a major stock rally last Wednesday. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Trump turmoil: soaring uncertainty stalls economic decisions Meanwhile, crisis fears triggered a major stock rally last Wednesday. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 04/14/2025** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](file:///C:/Users/awyneken/OneDrive%20-%20Banque%20Syz%20SA/Desktop/Syz-Feature_WeekIn7Charts_250414.pdf) - - - - #### Chart #1 — ## Literally off the chart…   Under the new Trump administration, the US Economic Policy Uncertainty Index has surged to unprecedented levels, well above those seen during the global pandemic. In such an environment, CEOs and CFOs find it nearly impossible to make informed decisions regarding capital expenditures, hiring, or mergers and acquisitions. This uncertainty is likely to have serious repercussions for the job market and global economic growth. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-09-58-04-3108-AM.png?width=715&height=575&name=image-png-Apr-14-2025-09-58-04-3108-AM.png) Source: Financial Times --- #### Chart #2 — ## Wednesday saw one of the biggest stock market day rallies ever On Wednesday morning, the S&P 500 was on the verge of entering bear market territory. More importantly, the US appeared to be teetering on the edge of an emerging-market-style crisis, with bonds and the dollar falling along with equities.  While President Trump may be indifferent to short-term stock market swings, it seems the threat of a bond market meltdown prompted a change in course. Just eight days after declaring “Liberation Day,” he announced a reduction of reciprocal tariff rates to a 10% baseline for the 60 countries previously facing higher tariffs. This 90-day suspension aims to create space for negotiations. At the same time, President Trump leaked on social media that he would increase tariffs on Chinese imports to 125%, citing China's “lack of respect for global markets”. The 90-day tariff reprieve triggered one of the biggest single-day rises in stock market history. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-09-59-55-3469-AM.png?width=769&height=464&name=image-png-Apr-14-2025-09-59-55-3469-AM.png) Source: [www.zerohedge.com](http://www.zerohedge.com), Bloomberg --- #### Chart #3 — ## The big crocodile jaw   While the S&P 500 and global equity markets plunged last week, gold surged to a new all-time high, surpassing $3,200 per ounce. As illustrated in the chart below, gold, a “real asset”, is now significantly diverging from the S&P 500, a “paper asset.” ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-10-00-35-8072-AM.png?width=757&height=545&name=image-png-Apr-14-2025-10-00-35-8072-AM.png) Source: Bloomberg --- #### Chart #4 — ## The effective tariff rate in the US remains at record high Despite President Trump’s recent reversal on reciprocal tariffs, the overall tariff burden outlined in the April 2nd plan has seen little change and remains around $490 billion. According to Strategas estimates, the $275 billion increase in tariffs on Chinese imports offsets most of the $158 billion in reductions announced on Wednesday. As a result, the US is now facing the equivalent of the largest tax increase in over half a century. While future corporate and individual tax cuts could partially neutralise this impact, the broader economic consequences are still difficult to assess. Even after last week’s policy U-turn, tariff levels remain the highest since the 1930s. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-10-01-48-2273-AM.png?width=831&height=890&name=image-png-Apr-14-2025-10-01-48-2273-AM.png) Source: BCA --- #### Chart #5 — ## USA CDS are spiking Credit default swap (CDS) spreads on US sovereign debt are surging, now trading wider than those of France and South Korea and nearing levels seen in Italy and Greece. A credit default swap (CDS) is a financial derivative that enables investors to transfer credit risk to another party. It acts as a form of insurance against the default of a borrower. A widening CDS spread signals rising investor concerns over a country’s creditworthiness.   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-10-02-47-0340-AM.png?width=788&height=475&name=image-png-Apr-14-2025-10-02-47-0340-AM.png) Source: Bloomberg, [www.zerohedge.com](http://www.zerohedge.com) --- #### Chart #6 — ## Today's global trade reality This chart illustrates the current landscape of global trade relationships. Countries highlighted in blue designate the United States as their largest trading partner, while those in red identify China as their primary trade counterpart. Trade volumes are measured by the combined value of exports and imports. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-10-03-35-5403-AM.png?width=817&height=871&name=image-png-Apr-14-2025-10-03-35-5403-AM.png) Source: [www.econovis.net](http://www.econovis.net)   --- #### Chart #7 — ## America still rules Billionaireville, but look who’s closing in As of 2025, the United States remains the world’s top hub for billionaires, with 902 individuals holding that status. However, China, including Hong Kong and Macau, is rapidly gaining ground with 516 billionaires. India is also making its presence felt with 205 billionaires, while the rest of the global ultra-wealthy are spread across Europe, Russia, and other notable players such as Brazil and Canada, each with 56. Moral of the story? Wealth has become a global phenomenon, though it still speaks mostly English and Mandarin. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-14-2025-10-04-10-5739-AM.png?width=790&height=790&name=image-png-Apr-14-2025-10-04-10-5739-AM.png) Source: Statista --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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