Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Trader Strategy
Head of Commodity Strategy
Financial markets are growing increasingly nervous ahead of Thursday, when President Trump is expected to slap another round of punitive tariffs on Chinese imports. The dollar is seeing some broad-based gains while stocks are trading lower.
The reaction in commodities has been broadly negative with crude oil and products being the noticeable exception as momentum buyers respond to Iran supply risks and Tropical Storm Gordon currently moving through the Gulf of Mexico.