Since early 2025, the global economic landscape has shifted dramatically. Following the inauguration of Donald Trump and the announcement of sweeping U.S. import tariffs—potentially rising from 2.5% to 28%—markets have been rocked by uncertainty. The result? A projected $2,200 drop in purchasing power per U.S. household and a 1.1% cut in real GDP growth, pushing the U.S. toward a technical recession. But the implications go far beyond the U.S. economy. The dominance of the U.S. dollar is being questioned, financial markets are under pressure, and the status of U.S. Treasury bonds as “risk-free” assets is no longer a given. Meanwhile, central banks are lowering interest rates and energy prices are falling—offering some relief amid the turbulence.