Farewell to Free Trade? Trump’s Tariffs Rattle Markets

President Donald Trump’s 2 April ‘Liberation Day’ tariff announcement marks one of the most sweeping trade policy shifts in modern history and has sent shockwaves through global markets. The magnitude and breadth of tariffs, and the rapid pace of implementation, surprised investors and raised serious concerns about an escalating trade war and its impact on the global economy. Unfortunately, it is now clear that the Trump administration is inclined to surprise, and policy can evolve rapidly and significantly. This makes for a tricky, disconcerting environment for investors. The key is to remain level-headed, maintain a well-diversified portfolio, and focus on the long term.