Following Donald Trump’s ‘Liberation Day’ tariffs announcement on 2 April, we observed a sharp surge in credit spreads for Latin American corporate bonds. Subsequently, after the Trump administration announced a 90-day pause in the implementation of reciprocal tariffs, the credit spreads of some industries narrowed slightly. However, they remain elevated compared to levels at the beginning of the year. The imposition of tariffs could dampen global economic growth, negatively affect corporate earnings, and undermine investor confidence.