Global equities, as measured by the MSCI ACWI Index, rose sharply during the second quarter of 2025, as the administration of U.S. President Donald Trump announced progress on trade deals with major trading partners, most notably China.
Markets scaled a wall of worry in the second quarter of 2025—geopolitics took center stage from tariff turbulence, while equity markets rallied sharply from the post “Liberation Day” lows.
