Understanding Trump’s tariffs: what it all means for investors

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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US President Trump’s Liberation Day tariff announcements sent shockwaves through financial markets and 2 April 2025 will certainly be remembered as a hugely significant day. But what are the implications for investors in the wake of all the tariff-related uncertainty? In this episode, Christian Gattiker, Head of Research at Julius Baer, talks to Helen Freer about navigating the world of investing post-Liberation day. They discuss the risk of a recession, the role of US and non-US assets in portfolios, the outlook for safe-haven assets including the US dollar, and much more.

00:31 Introduction
01:07 Has the risk of a US and global recession increased?
03:24 What is the expected timeline now?
05:20 Is it possible to say what Trump’s plan is?
06:41 The US Federal Reserve’s dilemma
08:14 Impact on capital flows to the US
09:49 Adjusting exposure to US and non-US assets
10:58 Where do US technology stocks go from here?
12:36 The outlook for the US dollar now
15:21 The reaction of the Swiss franc and the Japanese yen
16:23 Historic moves in bond markets
18:46 What to focus on now in the fixed income space
20:19 Thoughts on gold in the current environment
22:16 What does the situation mean for Swiss equities?
23:38 The role of Chinese equities in a portfolio
26:44 The significance of talks between the EU and China
27:49 Exposure to India to increase portfolio diversification
29:02 The relevance of the Q1 earnings season
30:29 Oil prices under pressure
31:48 Our expectations for the rest of the year
33:31 Outro

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