• Apollo Global Management CEO Marc Rowan acknowledges Trump tariffs have caused short-term market paralysis.
  • Despite disruptions, Rowan sees the administration's trade policy reset as fundamentally sound.
  • Private markets remain a bright spot, with Apollo positioned to capitalize on volatility.

Tariffs Freeze Markets Temporarily

Apollo Global Management CEO Marc Rowan delivered a nuanced assessment of President Trump's sweeping tariff policies during a recent CNBC interview, stating they've "ground things to a halt in the short term." The comments came amid heightened market volatility in April 2025, with publicly traded bonds particularly suffering liquidity crunches during negative trading sessions.

"What we're seeing is essentially a market freeze while participants digest the new reality," said one trader at a major investment bank who requested anonymity due to company policy. "The velocity of these changes caught many off guard."

Strategic Reset Underway

While critical of the implementation's abruptness, Rowan defended the policy's underlying rationale. "The goal of what the administration wants to do is not a bad goal," he told CNBC's "Squawk Box" on April 9. The Apollo chief characterized the moves as a necessary "correction" in U.S. trade relations, though he admitted the approach was "riskier than I personally would have employed."

Market data shows the S&P 500 has swung wildly since the tariff announcements, with daily moves exceeding 2% becoming commonplace. "We're seeing the kind of volatility typically reserved for earnings season or Fed meetings," noted a strategist at a bulge bracket firm.

Private Markets Shine Through Turbulence

Apollo appears well-positioned to weather the storm, with Rowan highlighting private assets' relative insulation from public market swings. The firm recently reported a 5% increase in first-quarter profits and continues expanding its private credit offerings, including a new retail-focused ETF launched with State Street in February.

"When public markets seize up, our private capital solutions become even more valuable to corporate borrowers," said an Apollo executive who asked not to be named discussing business strategy. The company's stable management fees provide additional ballast during turbulent periods.

Looking Ahead

While the tariff impacts may linger for quarters, Rowan remains bullish on private markets' long-term prospects. Global private assets under management are projected to grow from $18.7 trillion to $24.1 trillion by 2029, according to industry estimates. "The current disruption creates opportunities for those with dry powder," the Apollo CEO suggested during the interview.

Market participants will be watching closely as companies report second-quarter earnings for clearer signs of tariff impacts. For now, most appear to be taking Rowan's advice: "Keep calm and underwrite carefully."