Navigating trade war turbulence

• Seven insights to navigating trade war turbulence
• Trade war takes us into uncharted waters
• Main and alternative scenarios

Emerging markets focus

Emerging Markets beyond the 90-day tariff pause
President Trump has announced a 90-day pause on tariffs higher than 10%. However, in the meantime, he has further increased tariffs on China to 125%. In retaliation, China announced an 84% tariff on all US imports starting from April 10th. While the situation remains quite fluid, we will address some concerns from an economic standpoint regarding growth and inflation.

Long-term views

• The uncertain reality of tariffs
• Is gold still affordable? Yes

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