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Escalating trade tensions: time to worry?

Global trade tensions have escalated, with the US administration pushing ahead with tariffs on imports from China
11 July 2018
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    Key takeaways

    • Global trade tensions have escalated, with the US administration pushing ahead with tariffs on imports from China
    • The global economic impact of the US fully implementing its threatened tariffs is likely to be limited and manageable
    • The introduction of blanket auto tariffs is a more worrying prospect as more economies would be affected
    • The situation may not significantly escalate if the US economy starts to show signs of being adversely affected by recent measures
    • Given current valuations, we think maintaining a pro-risk stance in our multi-asset portfolios makes sense as long as trade tensions do not result in a significant deterioration of global growth