Hansa House View - Q425

At the start of the year the market was buoyant on the hope that a Trump presidency would lead to more market friendly policies that would turbocharge the economy. However, Trump 2.0 appeared to be a different beast to his first incarnation with a more ideological streak that was intent on taking revenge on any country or person that he perceived had slighted the US. This ramping up of rhetoric increasingly concerned the market as the year wore on before culminating in 'Liberation Day' in early April where Trump announced sweeping tariffs across the globe that were both broader and larger than the market anticipated.

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