A surprise tariff announcement by the U.S. met with an unexpected depreciation in the Chinese currency, sending shock waves across global markets last week. This latest escalation in U.S.-China tensions reinforces our view that trade and geopolitical frictions have become the key driver of the global economy and markets. We stress the importance of portfolio resilience in this environment, yet view the decisively dovish shift by global central banks as helping extend the global expansion. U.S. President Donald Trump announced a 10% tariff from next month on the $300 billion of Chinese imports not already subject to ... (full story)