June 4, 2025 | Global Equity

Trade Turbulence Challenges EMs

U.S. trade policies have created challenges for some emerging markets, but others, such as India and Taiwan, may be more insulated.

U.S. trade policies in recent times have led to materially increased uncertainties for the global and U.S. economies. This has undoubtedly increased the investment complexity and market volatility of the global equities.

For emerging markets (EMs) specifically, we are seeing increased volatility of the countries where the U.S. has a large trade deficit, including China, Taiwan, and certain ASEAN countries.

In the meantime, for certain EM countries where the domestic market remains vibrant, solid, healthy, and sizeable, and also less impacted by the global trades, tend to behave better. Examples include India and Brazil.

On this backdrop, we continue to look for attractive, bottom-up, quality-growth investment opportunities in EMs where company fundamentals are improving and also less impacted by global trade wars.

Filmed May 2025

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