Fullerton Insights

There are (still) alpha opportunities to extract against a volatile backdrop from Trump's "Reciprocal Tariffs"

“Reciprocal Tariffs” may accelerate policy easing in Asia. Asian credit fundamentals remain relatively healthy. Domestically-oriented areas may be preferred.

Trump's "Retaliatory Tariffs" sparks risk-off. A re-shape in global trade relations is underway, that will give rise to relative winners and losers.

Risk-off mode with tariffs coming into effect amid strained alliances.

The US tariffs could be a negotiation tool for concessions. We don't expect this to be US Inflationary, and see divergent winners and losers ahead.