Global markets were rocked this week by renewed geopolitical tensions, with the announcement of additional US tariffs triggering a sharp sell-off across equity indices. The S&P 500 fell nearly 5%, erasing this year’s gains, while risk-off sentiment rippled through emerging markets, weighing on the JSE and weakening the rand. Investors are grappling with fears of a global trade slowdown and heightened policy uncertainty. These swift, broad-based declines are a stark reminder of how quickly sentiment can shift. While unsettling, history shows that markets often rebound once the initial panic fades and policy details become clearer. With the situation still fluid, we expect volatility to remain elevated in the near term.