Macro Strategy: Trump’s Tarriff Conundrum

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

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Macroeconomics

<ul>
<li>The early days of the Trump administration has seen lots of volatility around the tariffs with Canada and Mexico, but the more stable U.S. Treasury market helps provide an anchor. </li>
<li>U.S. Treasuries have shift towards the view that the 10yr budget bill will be delayed until H2 and likely be only modestly stimulative in 2026. </li>
<li>Combined with the Fed still leaving the door open to rate cuts this has helped avoid major directional movements. </li>
</ul>


The early days of the Trump administration has seen lots of volatility around the tariffs with Canada and Mexico, but the more stable U.S. Treasury market helps provide an anchor. 
U.S. Treasuries have shift towards the view that the 10yr budget bill will be delayed until H2 and likely be only modestly stimulative in 2026. 
Combined with the Fed still leaving the door open to rate cuts this has helped avoid major directional movements. 


Early Days of New Trump Administration