亚洲外汇与利率策略_美中贸易摩擦_五点观察-Asia FX_Rates Strategy _US-China Trade Frictions_ Five Observations_ Arora

Having been desensitized to Tariffs over the course of 2025, markets might want to discount this "unsustainable" additional tariff rate of 100%. Two reasons why we think this escalation could weigh on risk assets for longer: a) risk sentiment was riding at very high altitudes vis-à-vis growth-inflation backdrop. CTAs have been extremely long risk, while risk premia in cross asset Vols, credit spreads has been depressed, b) Element of surprise. Bloomberg's US trade uncertainty index fell to post election low ...