In this episode of the HIG podcast, Bronson Kaufusi and MattyP welcome back former Wall Street man and HIG’s CIO, Matt Denning, to discuss the recent surge in tariffs and their impact on the markets. With over 20 years of experience, Denning provides a unique perspective on the situation, steering clear of political bias and focusing on the strategic implications.
The conversation dives into why these tariffs are being implemented, with Denning suggesting they are primarily a leverage tool for achieving broader strategic goals rather than simply bringing back manufacturing jobs. The episode explores the market's immediate reactions, including the sell-off in equities and the rally in bonds, highlighting the uncertainty and confusion surrounding the situation.
Denning explains how broad tariffs are unlikely to effectively bring back US manufacturing, arguing that targeted tariffs on specific industries would be more logical. He also discusses the potential for a recession, driven by these tariffs, and how that could impact interest rates. The concept of a "risk on risk off" trade is examined, as well as the potential inflationary effects of tariffs and how US manufacturers might react.
We also cover the international implications of the tariffs, including how different countries are reacting and the potential for shifts in trade agreements. We hope you enjoy!
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