Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today After a few weeks of intense focus on whether there is an AI bubble in the markets or not, a recurrent character of 2025 has emerged to the fore: tariffs. On Friday stateside, tech stocks recovered slightly after the Nasdaq hit its lowest level in about 3 weeks, perhaps indicating that the AI-fueled volatility could be nearing an end. However, just as AI steps away from the spotlight, tariffs enter the stage,