Perspective – Written by Philip Pilkington
Investors are starting to consider what the end of U.S. dollar hegemony might mean for American capital markets. The developments that are currently taking place could have enormous ramifications for every country with extensive economic and financial ties to the United States. The turmoil started after the “Liberation Day” tariff announcement on April 2, 2025. After an extremely negative market reaction, the Trump administration announced that most of the reciprocal tariffs would be frozen for ninety days. The immediate market reaction to the freezing of the tariffs was positive, and many investors hoped that the markets would now return to normal.
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