Understanding Trump’s tariffs: what it all means for investors

US President Trump’s Liberation Day tariff announcements sent shockwaves through financial markets and 2 April 2025 will certainly be remembered as a hugely significant day. But what are the implications for investors in the wake of all the tariff-related uncertainty? In this episode, Christian Gattiker, Head of Research at Julius Baer, talks to Helen Freer about navigating the world of investing post-Liberation day. They discuss the risk of a recession, the role of US and non-US assets in portfolios, the outlook for safe-haven assets including the US dollar, and much more.

00:31 Introduction
01:07 Has the risk of a US and global recession increased?
03:24 What is the expected timeline now?
05:20 Is it possible to say what Trump’s plan is?
06:41 The US Federal Reserve’s dilemma
08:14 Impact on capital flows to the US
09:49 Adjusting exposure to US and non-US assets
10:58 Where do US technology stocks go from here?
12:36 The outlook for the US dollar now
15:21 The reaction of the Swiss franc and the Japanese yen
16:23 Historic moves in bond markets
18:46 What to focus on now in the fixed income space
20:19 Thoughts on gold in the current environment
22:16 What does the situation mean for Swiss equities?
23:38 The role of Chinese equities in a portfolio
26:44 The significance of talks between the EU and China
27:49 Exposure to India to increase portfolio diversification
29:02 The relevance of the Q1 earnings season
30:29 Oil prices under pressure
31:48 Our expectations for the rest of the year
33:31 Outro

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