Why fears about Trump impact on EMs may be overstated

Protectionist agenda has raised concerns

The story of emerging markets as an asset class is largely the story of globalisation. But the change in American domestic politics has prompted investor fears that this powerful trend is about to go into reverse, according to JOHCM's James Syme.

President-Elect Trump has talked about the US withdrawing from trade agreements and imposing tariffs on imports.  Were this to happen, it would be negative for emerging market assets, but there are reasons why the final trade policies of the Trump administration may be less severe than those aired during the election campaign.  How the rise of political insurgencies and protectionism is threatening investor returns Firstly, it is not just emerging market exporters who have benefitted from global trade; US consumers have seen prices for many goods either fall relative to incomes, or...