Mission Impossible and Fallout

The global economy received a brief reprieve on April 9th, as President Trump announced a 90-day pause on his sweeping “reciprocal” tariffs. However, intensifying US-China trade tensions continue to cast a long shadow over the economic outlook. In our charts this week we focus on:

• China and US trade tariffs
• US investment in intangibles
• US trade deficits and relative demand
• High-tech trade and US capacity
• Uncertainty and financial markets
• The global business cycle