Market volatility dominated the R&D landscape following President Trump’s tariff actions. The R&D World Index (RDWI) for the week ending April 4, 2025, reflected the initial shock, closing down a significant -9.28% at 3,506.27, with significant losses across all 25 member companies. Auto companies have been especially hard hit. To date, losses range from –1.44% for Ford to –14.21% for Stellantis. This uniform drop marks the first time this occurred in the Index’s history.