Tariff uncertainty and recession fears have kept investors on tenterhooks this year. While President Donald Trump has delayed his “reciprocal tariffs” and his administration is working on trade deals, there is still a lot of uncertainty over tariffs.
For instance, last week, Trump talked about a 50% tariff on imports from the European Union, which he soon delayed to July 9. The macroeconomic environment is also quite volatile, with the U.S. recently losing its only remaining top credit rating. While usually investors find solace in assets like the U.S. dollar and Treasurys during periods of crisis, both have lost their sheen thanks to the ever-rising U.S. debt pile.
