Macro Insights Weekly - Spillover from Trump's policy "flexibility"

Trade war escalation and de-escalation continue apace. The blizzard of actions has made even a basic statistic like average tariff on US imports all but impossible to estimate precisely.
Markets may rally around occasional tariff reprieve or trade deal.
But we fear lasting damage to global order of trade and commerce.
Gold has rallied 21% YTD, while USD and UST have lost value.
This attests to the nervousness of investors.
US assets no longer seemed the place to hide during times of heightened uncertainty.