By Rachel Szymanski, Chief Economist, Trepp Significant back-and-forth on tariffs has led to unprecedented trade policy uncertainty and large swings in asset prices. While there is now a 90-day pause on some tariffs, others remain in place. This reprieve offers some relief, but the uncertainty itself has substantial effects on behavior, where market participants may delay economic decisions and take risk mitigation measures. This blog outlines the ripple effects of uncertainty throughout the economy and the implications for commercial real estate...

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By Fabio Balboni, Senior Economist, Eurozone, and Janet Henry, Global Chief Economist, HSBC The word “uncertainty” does not do justice to the current global economic outlook. We knew 2025 was going to be an unpredictable year, but the pace of US policy shifts since the ‘Liberation Day’ announcements has been dramatic. The reciprocal tariff unveiling, associated financial market turmoil, the US administration’s rapid U-turn, and a doubling down on mainland China tariffs have already impacted perceptions and expectations in ways...

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By John Czapla, Chairman of the Board, Valuation Research Corporation An unpredictable and rapidly unfolding event has disrupted the global financial markets, coinciding with the end of the first quarter valuation processes for private debt funds. Private credit market valuation professionals are grappling with the fallout from the ongoing trade war may feel a sense of déjà vu, as they’ve navigated similar challenges in the very recent past. The playbook for assessing fair value for private securities, developed during the onset of...

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By Tom Gottfried, Managing Director, National Tax Valuation, Valuation Research Corporation, and Philip Gregorcy, Senior Advisor, Valuation Research Corporation The current Administration’s recent imposition of tariffs on U.S. imports has sent shockwaves through the global economy, with far-reaching implications for international trade, supply chains, and tax valuation. In this article, we will explore the rationale behind tariffs and their economic, technical, and tax valuation implications. Trade Turbulence On April 2, the Administration announced tariffs on approximately 90 countries, with a list of “reciprocal”...

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