Trade war and tariffs: Anatomy of winners and losers

Trade wars are back. Underneath rising trade tension lies the most dramatic geopolitical realignment of the global order since perhaps the end of World War II. While the intensity of the trade tensions may ebb and flow from day to day, the underlying economic and political structural drivers may persist and potentially intensify in the years to come. Investors can benefit from understanding the transmission mechanisms of tariffs and trade wars and therefore adapt better to these significant structural changes.