May offered investors a bumpy ride, to say the least. We saw the global stock market pull back by over 5%, its worst performance since late last year. Trade fears were yet again at the forefront of concerns as talks for a deal with China fell apart in mid-May. China then responded with retaliatory tariffs, and whatever hope remained for a near-term deal disintegrated.
To add to the mounting trade concerns, President Trump announced a 5% tariff on Mexico that will go into effect on June 10 unless the Mexican administration takes action to curb illegal immigration into the U.S. The Mexico tariff announcement came shortly after the President took steps to push forward with the U.S.- Mexico-Canada trade agreement (USMCA).
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