The writer is chief global equity strategist and head of macro research in Europe at Goldman Sachs and author of ‘Any Happy Returns’
At a time when transatlantic trade tensions are mounting, it might seem an inopportune time for investors to diversify their portfolios away from the US to Europe. After all, President Donald Trump has warned he is planning to impose a 25 per cent additional tariff on goods from Europe, raising questions over the fallout on the region’s economies and companies.
But this year has clearly shown that the market consequences of such ructions can be very different from what investors expect. In a more uncertain world, that puts a premium on diversification.
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