Outlook for 2026: Not Pear-Shaped but K-shaped
By: Kirsten Boldarin
It was certainly looking pear-shaped on 2 April 2025 when President Trump announced sweeping tariffs on ‘Liberation Day.’
The market response was swift and punishing - at least we got some great penguin memes out of it. This was shortly followed by Robert Armstrong of the Financial Times coining TACO – Trump Always Chickens Out.
Much of the initial tariff rhetoric was walked back (China’s rare earth leverage proved effective too) and markets returned to the races. 2025 then went on to deliver the third consecutive year of stock market gains.
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