---
title: The voluntary trade reset slowdown - Apollo H2 outlook
description: "Here's an extract: \n\"The corporate response to the April 2 announcement of the administration’s reciprocal tariff strategy—referred to by President Trump as “Liberation Day”—has been unambiguous: For companies, new orders have fallen, capex plans have fluctuated, inventories were rising before tariffs took effect, and firms started revising down earnings expectations. For households, consumer confidence has sunk to record-low levels, consumers were front-loading purchases before tariffs began, and tourism has been slowing. In mid-May, Moody’s downgraded the US credit rating, increasing borrowing costs for both US consumers and firms. \n\nThis voluntary trade reset slowdown (Exhibit 1) is a risk to the economic outlook. While both April and May inflation numbers were surprisingly subdued—the consumer price index rose just 2.4% year-over-year in May—the effects of Liberation Day were surely still working their way through the trade pipeline\""
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [The voluntary trade reset slowdown - Apollo H2 outlook](https://blog.syzgroup.com/syz-the-moment/the-voluntary-trade-reset-slowdown-apollo-h2-outlook)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jun 25, 2025, 3:20:52 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/the-voluntary-trade-reset-slowdown-apollo-h2-outlook)

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