The US government specified its planned punitive tariffs during a press conference — the extent, scope, and timing of the measures surprised even the pessimists. As a result, expectations regarding growth, inflation, and the risk of recession were revised. In terms of relative performance, U.S. assets came under notable pressure — US equities, US bonds, and the USD lagged behind comparable assets in Europe and Asia. Gold maintained its role as a safe haven, and European bonds also ended the month in positive territory.