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Trump’s trade policies: sacrificing long-term gain for short-term pain

Weekly investor research

03 June 2019

Last week’s imposition by the US of fresh tariffs on Mexico shows that the Trump Administration is willing to mortgage the trust placed by other countries in American leadership. Trump’s willingness to replace long-term global political planning in favour of short-term political opportunism marks a departure from 70-odd years of US foreign policy. In a nutshell, what is happening is that a long line of US presidents worked hard to build up global political capital and the Trump Administration has now decided to spend it. What does this mean for investors and policy makers in other countries, including EM?

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