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Alternative Market Briefing

deVere Group says Trump's trade war puts him on the wrong side of history, warns investors

Monday, March 26, 2018

Komfie Manalo, Opalesque Asia:

Independent financial advisor deVere Group CEO and founder Nigel Green said that President Donald Trump's trade tantrums put him on the wrong side of history and investors should review their portfolios.

Green made the comments after global stock markets come under heavy pressure on fears over the rising trade tensions between the U.S. and China - the world's largest and second largest economies, respectively - and how global economic growth and corporate earnings will be impacted.

He said, "Trump's trade tantrums are putting him on the wrong side of history. By imposing tariffs and opposing free trade and globalization, he is potentially creating a totally unnecessary trade war that will be detrimental to the U.S. and global economies. It is almost like he is trying to drag America back to a time that no longer exists."

Trump on Thursday confirmed tariffs up to $60bn in annual Chinese imports. He stated that China must pay for decades of unfairly acquiring American intellectual property. A day later, Beijing unveiled plans to impose levies on 128 U.S. products, representing approximately $3bn in imports.

Green added, "For all Trump's protectionist grandstanding, globalization in the world of trade and commerce is here to stay and will, if anything, only gain momentum in coming years and decades. Globalization is marching on with or without the U.S.......................

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