Steering portfolios through a new world (dis)order

Trump 2.0 is turning out very different from markets’ expectations after Trump 1.0.

A slowing US economy is the first casualty of policy uncertainty. Companies are investing less. This is an early effect of the trade war as businesses are faced with tariff unpredictability.

Does that mean we see a US recession ahead? Put simply, no. This cycle has not ended, because the US economy has been running on two engines, corporate and consumer spending. While businesses are hesitant to invest, consumption trends remain healthy...

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