The last ten days or so have been very eventful. President Trump imposed a 50% tariff on the European Union before delaying it by five weeks, then the US Court of International Trade ruled that many of the tariffs are illegal anyway. That saw the Court of Appeal grant a temporary stay that leaves them in place while the case is considered, and Trump ended the by doubling the tariffs on steel imports! The S&P 500 still managed a healthy 1.9% gain despite all that, and it ended the month of up 6.2%, the strongest monthly gain since November 2023.
