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To say the situation is fluid is an understatement – every time Trump comments on the matter, the goalposts seem to shift. China has retaliated, although those details also remain ‘fluid’, and Trump has bounced back by “demanding” that US businesses move operations out of China. You couldn’t make this stuff up.
The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.
The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.
Mr Trump, never one to waste a day without some extraordinary tweets, said: “My only question is, who is our bigger enemy, Jay Powell or Chairman Xi.” To the uninitiated, Mr Powell is Chairman of the US Federal Reserve, whilst Chairman Xi is, of course, China’s supremo. President Trump believes the Fed should have reduced interest rates by at least a full percentage point at the end of July when it opted for “only” 25 basis points. We emphatically disagree – particularly since the Fed has stopped the gradual shrinkage of its enormously bloated balance sheet. Quantitative easing is once again a reality, with quantitative tightening well and truly buried.
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