In one fell swoop, US President Donald Trump has cemented the moment the US finally peaked and, from here on out, there will be a movement against what has been the lead market in allocations and returns.
On his self-determined ‘Liberation Day', Trump held up a poster board of ‘reciprocal' tariffs, which unveiled a global 10% levy, with rates up to 60% for those countries he has deemed the ‘worst offenders'. I put ‘reciprocal' in quotes because these are categorically not that. The logic of a reciprocated tariff would mean that the levies are based on what countries are already charging the US in the form of existing tariffs, plus non-tariff barriers (such as regulation). However, the White House's formula was calculated with the intention to eliminate the US' goods trade deficit...
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