“US consumer confidence increased due to a temporary easing of trade tensions with China, but the global competition between these two will persist. Hence, investors should consider additional sources of portfolio stability and returns.”

• Confidence rose in May, but it is still below the levels seen at the beginning of the year. 
• Despite this short-term rapprochement between the US and China, tariffs on Chinese exports are still high.  
• We think more clarity is needed on tariffs and US relations with trading partners. The recent US court ruling only raises uncertainty in this regard.

You can now read the full whitepaper at the link below