“As Donald Trump’s presidency begins in the US, the world is bracing for policy announcements and diplomatic maneuvers that could reshape the global economic landscape. We believe tariffs are being used as a tool to achieve deals in areas such as geopolitics, immigration, and the opioid crisis. The biggest risk to growth and inflation in the US could be the plan to roll back immigration. Any shortfall in labour supply has the potential to overheat the economy. For Emerging Markets, until we gain more insight into the intentions behind the new US administration, we suggest investors stay cautious.”
Morten W. Langer
