Global Trade is enormously complex. Trump has put 104% tariffs on China – which will directly impact US consumers. Shutting the door on global trade will inevitably trigger consequences. The biggest risk is to the bond market – and a stressed Treasury market when the US has $15 trillion to refinance in next 20 months is a really, really bad idea.
UK Chancellor Rachel Reeves is being blamed for the Gilt Bear market. Harsh and unfair – it’s a global thing. Investors fear sticky inflation as much as rising debt quantums, tax cuts and spending plans. A global bond bear market brings consequences – be aware of them.
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