Tariffs, deficits and disruption: what Trump’s trade moves could mean

US tariffs continue to threaten to disrupt global trade flows and investor sentiment. As tariffs increase input costs and disrupt supply chains, the potential knock-on effects for consumer prices, corporate margins and global GDP growth are coming under scrutiny. Investors are weighing how policymakers might respond — and what this means for asset classes ranging from equities to bonds and commodities. The outcome could shape market leadership in the months ahead, as defensive sectors, inflation hedges and regions less exposed to trade frictions come back into favour. With uncertainty high,...