In this “Fireside Chat,” Gavyn Davies, Founder and Executive Chairman and Dan Wales, Director, Economic Research, discuss the following:
- President Trump’s economic team are united behind the need for higher tariffs
- But nuances exist, particularly for the second, de-escalation, phase
- Tariff increases could begin immediately after inauguration
- The economic impact is likely to resemble a classical negative supply shock
- So far, the market has been forgiving. But the Fed’s response could change sentiment
This content is provided for informational purposes and is directed to professional clients and eligible counterparties as defined in Directive 2011/61/EU (AIFMD) and Directive 2014/65/EU (MiFID II) Annex II Section I or Section II or an investors with an equivalent status as defined by your local jurisdiction. It is not intended for retail clients. Information provided does not constitute investment advice and should not be relied upon as a basis for investment decisions. It has been produced as thought leadership which represents our intellectual property. Reproduction of this material in whole or in part is strictly prohibited without prior written permission of Fulcrum Asset Management LLP. Copyright © Fulcrum Asset Management LLP 2025. All rights reserved.
FC902 090125
