Trump’s tariffs determine outlook

The tariffs introduced by President Trump on imports to the US resulted in an abrupt revaluation of almost all asset classes. It is difficult to predict how things will develop from here. Only the coming weeks and months will bring more clarity on how tariffs are passed onto US consumers, how supply chains are shifted, how the US' trading partners respond to US countermeasures, and how consumers, companies and governments react. We do not expect the situation to ease or markets to stage a strong countermovement. Rather, we expect a mixed news and data flow.