Flash Notes

22 de Maio de 2025
Monthly Report | Economic and Financial Market Outlook | May 2025

The scene after the storm


100 days after Donald Trump’s inauguration as US president and five weeks following the announcement of the tariff hikes, there is a feeling of tense calm in the economy and the financial markets, as we wait to see how the negotiations between the major trading blocs develop. Nothing has been definitively broken, but the deterioration of confidence among economic agents, investors and even traditional political allies has been significant.