Richard Turnill – BlackRock
All Eyes on Trade
Summary: President Trump’s recent trade actions are unlikely to lead to a shift to risk-off investor positioning, but the potential for more stringent trade regulations to spark a global trade-war is a serious geopolitical risk. Recent statements from US trading partners do not indicate that protectionist trade measures are likely to gain traction, but if more countries begin to position themselves for a trade-war emerging markets are likely to be the hardest hit asset class. |