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The first quarter of 2025 has been marked by bold shifts in U.S. foreign policy, sweeping economic moves, and cultural events.

In January, President Donald Trump issued Executive Order 14169, initiating a 90-day freeze on all U.S. foreign development assistance programs, aiming to reevaluate their alignment with American values and geopolitical interests. In March 2025, the U.S. administration intensified its economic stance by imposing a 25% tariff on all imports from Canada and Mexico, along with a 20% tariff on imports from China. In response, both Canada and China announced immediate retaliatory measures. The move, positioned as part of a broader strategy to reduce the U.S. trade deficit, triggered concern across global markets and reignited fears of a renewed escalation in global trade tensions.

Meanwhile, Elon Musk continued to shape the narrative of  American innovation. In March, his AI company xAI acquired the social media platform X in a $45 billion all-stock deal, signalling a new era of AI-infused social media. Musk’s short-term government role as head of the Department of Government Efficiency is set to conclude in May, in line with the 130-day rule which limits the duration of temporary federal appointments. Vice President J.D. Vance confirmed that Musk will continue as a senior advisor to the administration.

On the international stage, Bulgaria and Romania officially joined the Schengen Area in March, lifting land border controls and marking a significant step in EU integration. In Southeast Asia, tragedy struck on March 28 as a powerful 7.7 magnitude earthquake and a 6.4 aftershock devastated central Myanmar. In cultural news, the 67th Grammy Awards were headlined by Beyoncé, who won both Album of the Year and Best Country Album for Cowboy Carter.

We are pleased to present another edition of our Quarterly Brief, a publication that offers objective market data, which will keep readers abreast of the latest developments in the relevant financial markets.