The dust is settling

One month after the massive shock that rocked investors due to US tariff policy and sent sentix economic data in-to free fall, the dust is settling. Investors are revising their economic assessments, in some cases significantly. The data on the eurozone economy could be described as ‘a rollback after the rollback’. Investors are acknowledging the calm response to US tariffs so far. Both the current situation and expectations are showing signs of recovery. The main victims of Trump's tariff policy are the US economy and, to some extent, the economies of China and Switzerland. However, the period of uncertainty is probably not over yet.

Full report May 2025

Headlines of the month

  • In the eurozone, the situation has improved surprisingly to -19.3 points following the US tariff shock. Expectations have also rebounded strongly and are back in positive territory. The overall eurozone index improved accordingly by 11.4 points to -8.1.
  • The calm reaction in Europe to the erratic US tariff policy has also led to an improvement in the situation in Germany. Expectations have jumped by more than 20 points.
  • One month after the shock waves caused by US tariff policy, the dust is settling. The US economy remains damaged. The situation is at its weakest since January 2021. China's economy also continues to be affected, as does Switzerland. Overall, the global economy has not yet digested the tariff shock.

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