1、Convera Market InsightsTrump,tariffs and trade This presentation is provided for informational purposes only and does not provide any financial,legal,accounting or tax advice.2025 Convera Holdings,LLC.All rights reserved.2Why tariffs matter.Global trade remains near record highs but rising geopoliti

2、cal tensions and shifting national policies are reshaping value chains.Companies are prioritizing political considerations alongside profits,leading to trends like friend-shoring and reduced foreign direct investment between distant nations.At the same time,the US has expanded its role as the worlds

3、 top importer,with many countries heavily reliant on its demand.These dynamics are two sides of the same coinglobal trade fragmentation and the US trade dominance ensures that tariff policies and potential shifts under leaders like Trump remain critical.Trump enters the already messy stage.In 2016,u

4、ncertainty around Trump stemmed from his outsider status,but today,it comes from his experience and a clearer,more aggressive agenda.His leadership has driven global policy uncertainty higher,with bold moves on trade,immigration,and international relations keeping markets on edge.Frequent shifts in

5、alliances and economic policies make it difficult for investors to price in binary risks like tariffs,further complicating the outlook.China has become an industrial superpower.China has doubled down on manufacturing to drive growth,reversing its push toward a more domestic and consumer-led economy.

6、Post-pandemic,it produced more goods than the next nine largest countries combined,even as weak domestic demand led to overproduction and soaring inventories.This strategy aligns with Chinas ambition to dominate emerging technologies in the green revolution but has also drawn increasing scrutiny fro