The first quarter of 2025 saw significant shifts in U.S. policy and global developments. In January, President Trump signed Executive Order 14169, enacting a 90-day freeze on all U.S. foreign development aid to reassess its alignment with national interests and values.
By March, the administration imposed steep tariffs—25% on imports from Canada and Mexico, and 20% on Chinese imports—sparking retaliatory actions from affected nations. The move, aimed at addressing the U.S. trade deficit, caused unease in global markets and raised concerns of a renewed trade war.
In the tech world, Elon Musk made headlines as his AI company xAI acquired social platform X in a $45 billion all-stock deal, signaling a shift toward AI-driven social media. Musk's temporary role leading the Department of Government Efficiency ends in May, but he will remain a senior advisor, as confirmed by Vice President J.D. Vance.
Internationally, Bulgaria and Romania joined the Schengen Area in March, eliminating land border checks and advancing EU integration. Meanwhile, Myanmar faced a humanitarian crisis following a devastating 7.7 magnitude earthquake and strong aftershock on March 28.
We are pleased to present once more our Quarterly Brief, a publication that offers objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.
We wish you all the best and look forward to discussing your questions regarding valuation trends and practices.