Hargreaves Lansdown's Derren Nathan: Trump's trade wars and whether market should be more concerned

'Markets have been pretty sanguine'

US President Donald Trump has wasted little time in catapulting his ‘America First’ ethic to the top of the agenda.

The front line of the trade war has landed on China's doorstep, with a 10% blanket levy on all goods made in the People's Republic. Beijing's hit back with more limited border taxes on US energy commodities, high performance vehicles and agricultural machinery. Washington has since upped the game further with a 25% charge on steel and aluminium imports. With the UK steel industry now largely under foreign exposure, share investors face little exposure on that particular front. Given the pivot in the UK economy towards services, the same can be said of wider manufacturing, save f...