Global wealth manager says president is on "wrong side of history"
Investors should review their portfolios as President Trump’s “trade war tantrums heat up” according to one of the world’s largest investment firms.
The founder and CEO of DeVere, Nigel Green, says that the tariffs and other trade restrictions coming from the president are putting heavy pressure on equities and risk damaging the global economy.
“By imposing tariffs and opposing free trade and globalization, he is potentially creating a totally unnecessary trade war that will be detrimental to the US and global economies. It is almost like he is trying to drag America back to a time that no longer exists,” Green says.
The wealth manager says that Trump is on “the wrong side of history” and affirms that free trade and globalization is here to stay and is likely to increase in coming years.
He says it will do so, with or without the US.
“Applied correctly, globalization promotes free trade which encourages global economic growth, creates jobs, makes firms more competitive, and lowers prices for consumers,” Green says.
He firmly believes that equities are the best long-term way to build wealth but says that investors should consider their strategy, and take advantage of see-sawing markets by investing at more attractive prices.
“I would urge investors to review their portfolios to ensure that they are properly diversified across regions, sectors and assets classes. Diversification is a key tool to mitigate potential risks and to take advantage of the inevitable opportunities that bouts of volatility present,” he advises.
