Worldwide Financial Planning

Meanwhile, a month after assuming office the Trump effect is still being felt. It is most evident in defence stocks this week, as the 180° turn in US
policy towards Ukraine is forcing the UK, the Eurozone and the Baltic states to rapidly review their approach to security.

Yes, it can be daunting, intimidating gobbledegook, and complicated, but a good independent financial planner takes all the detail out and delivers something else – peace of mind.

This week the Donald Trump effect was evident in markets again. Trump kicked off with 25% tariffs on steel and aluminium imports and ended the week with a promise of reciprocal trade tariffs on all US trading partners.

Four years ago, Trump’s biggest funder contacted me regarding this column. Last week, I said I might be waiting a long time for Trump to come good on his deal to end the war in the Ukraine. Amazingly two days later, he announced he would be scooting into Saudi Arabia to meet Mr Putin to do just that. Great to feel wrong for a good reason.

The BoE expects price rises in areas like domestic energy and water bills to lift inflation up towards 4% this year. But its view that any acceleration will be temporary opens to door to more aggressive rate cuts this year. If the bank’s forecast is correct this should be supportive of government bond prices and could see further weakness in the pound.

Trump’s economic logic is a mix of old-school protectionism and miscalculated bravado. Tariffs are a tax on consumers, plain and simple. They don’t bring wealth; they just shuffle the costs around and leave people paying more for the same goods.