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April 2, 2025, may well go down as one of the most iconic turning points in the postwar global economic order. For the first time in modern history, the world’s largest economy is actively withdrawing from the global trading system it helped build and has led for more than seven decades.

Highlights:

• The formal declaration of a new U.S. trade doctrine on April 2, 2025, marks a decisive pivot towards protectionism, threatening to reshape global trade patterns and capital flows.
• Canada avoided direct retaliatory tariffs from the U.S., providing a valuable opportunity to address structural economic weaknesses and enhance productivity and investment.
• The dramatic repricing of U.S. Treasury yields and the weakening of the U.S. dollar signal a potential regime shift in how global markets perceive and price U.S. assets.
  

Your experts   Sébastien Mc Mahon, MA, PRM, CFA Chief Strategist, Senior Economist and Vice-President, Asset Allocation & Portfolio Manager Follow Sébastien Mc Mahon on          Alex Bellefleur, MA, CFA Senior Vice-President, Head of Research, Asset Allocation     Tuyen Tran, M.Sc., CFA Senior Analyst, Asset Allocation and Economics

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