The markets are priced for a normalisation of global trade. I do not believe this will happen. The conversation between China and the US will not lead us back to normal trade. Tariffs will settle at 20% on average for all US imports and 50% on imports from China. The damage will be longer lasting and deeper than what assets are priced for. So I am not changing the Wealth Preservation Portfolio.
The Wealth Preservation Portfolio
#Wealth Preservation Portfolio
Wealth Preservation Portfolio - Weekly Update - 05.07.2025