Lehren aus erster Trump-Amtszeit: Warenverkehr nachhaltig beeinflusst
Zollpolitik könnte sich auf Inflation und Geldpolitik auswirken
Veränderte Rahmenbedingungen heute im Vergleich zu 2018/19
Die Aktienmärkte weltweit hatten die Wahl von Donald Trump zum neuen US-Präsidenten zunächst moderat freundlich aufgenommen. Die Aussicht auf Deregulierung und Steuersenkungen führte zu einigen Kursgewinnen. Aus Sicht von Tilmann Galler, Kapitalmarktstratege bei J.P. Morgan Asset Management, verschiebt sich nun jedoch der Fokus auf die möglichen Folgen einer protektionistischen US-Handelspolitik. Haben die Märkte die damit verbundenen Risiken bisher unterschätzt? „Die erste Zollrunde wurde eingeläutet, liegt aber immer noch unter dem, was Präsident Trump im Wahlkampf angekündigt hatte. Wir sind
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Dnnjjrkyls Ykmjiavusyoimxiim gojjc ay Zmhmvlhnb yj 9359/52
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