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April 2, 2025

Liberation day

Trump is set to unveil new tariffs today — yet even hours before the announcement, the details remain unsettled. A flat-rate system or country-specific levies are both being considered, with targets including the EU, Japan, and Canada. The Trade Policy Uncertainty Index has now reached its highest level since 2015. At ECP, we believe such uncertainty will continue to weigh on business confidence, dampen investment decisions, and unsettle financial markets. Our response remains unchanged: investing in a diversified portfolio of quality businesses trading below their intrinsic value while staying light footed enough to seize new investment opportunities once they arise.

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