Contrary to what Donald Trump appears to think, I believe that the U.S. imposing unilateral tariffs is more negative for U.S. companies than it is for the rest of the world. A full-blown global trade war would be a different matter, and we would expect emerging companies as the suppliers to the developed world to be particularly vulnerable. We have known this to be a risk for our emerging positions, and we do not currently see any reason to change it. We hope, and at this point expect, that cooler heads will prevail and a global trade war will be averted. But let’s be clear - no one would win a trade war, and investors should realize that they would lose along with everyone else.
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