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On 12 May, the United States (US) and China established a temporary ‘trade consultation mechanism’, reducing tariffs by 115% for 90 days. While this may ease tensions, high tariffs are still expected to exert upside pressure on US prices, and trade volatility could drag on economic growth in China.

The world as we have known it for the past few decades now looks to have been fundamentally turned on its axis, as indeed have traditional portfolio-management models. In light of this new environment, in which crises – each of which is not necessarily related to the next – appear thick and fast, private banks have to have the right asset management tools to protect their clients’ assets.

Equity markets welcomed Trump’s 90-day tariff truce by rebounding swiftly. However, we are maintaining a wait-and-see stance during this pause, while hedging against potential US dollar weakness by increasing our exposure to gold.

On 9 July, President Trump’s 90-day tariff suspension is set to expire. What will this mean for investors?

Seit Anfang November 2024 ist der Goldpreis von USD 2.600 auf aktuell rund USD 3.320 je Feinunze gestiegen. Zusätzlichen Rückenwind bekam das Edelmetall Anfang Februar, als Anlegern klar wurde, dass Donald Trump es ernst meint mit seinem Zollprogramm.

More than six months into her role as region head for North Asia at UBP, Teresa Lee is wasting no time making her mark across the markets of Mainland China, Hong Kong, Taiwan – and even the Philippines.

Tactical risk management helped us ride out one of the sharpest market dips since 2020. Gold and cash remain reliable safe havens.