As the early stages of May trading on financial markets get underway, it is useful to look back over a very eventful April to try and ascertain what the future may have in store. Tariff related developments dominated the market discourse and action last month. The significant shift in US trade policy, with the imposition of new and higher tariffs on its trading partners, caused consternation and uncertainty for markets, governments, and businesses. Words such as tumultuous, turbulent, and volatile were very much in vogue to describe the market backdrop. The IMF noted in its latest World Economic Outlook that “uncertainties climbed to new highs”.