Enrique Bailly-Baillière, director of Altes Asset Management, has expressed concerns over the increasing pressures on the U.S. economy. He highlights that Donald Trump’s aggressive trade policies are accelerating economic wear and tear. “Trump is playing a simultaneous game of chess with all countries, and his clock is running out,” Bailly stated. He compared the tariff war with China to the Cold War but noted it is being fought on a commercial battlefield. Additionally, tensions with Beijing are not the only challenge. Bailly warned that if Trump promotes an expansive policy and Powell lowers interest rates, it could lead to another episode of uncontrolled inflation. Rising fiscal deficits and defense spending further complicate the situation. Despite some growth, the diminishing international presence of the U.S. is concerning. “If you fight against everyone, you weaken relationships with allies, which benefits no one,” he concluded.
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