“The last 24 hours are showing that there are going to be a lot of changes that we all have to digest,” Mary Callahan Erdoes, head of asset and wealth management at JPMorgan Chase & Co JPM.N, said in a panel discussion at the Economic Forum. World Cup in Davos, Switzerland.
“At JPMorgan we have a war room set up to analyze and evaluate each and every one of them, so they’ve been up all night and they’re working on it,” he added.
Trading in global assets sensitive to Trump’s “America First” policies has resumed, brokers told Reuters, pointing to a rapid drop in the Canadian dollar against its U.S. counterpart, seconds after the president said he could impose a 25% tariff on Canadian goods in a matter of days.
Such changes and a possible increase in market volatility – triggered by Trump’s unpredictable use of social media, as seen in his first term – will require adjustments, but, bankers and traders said, the rewards are there for those who you can navigate this.
Global trade flows will suffer “interesting disruptions” as the new Trump administration takes hold, Standard Chartered STAN.L Chief Executive Bill Winters told the Davos meeting.
“We’ll see what comes in terms of tariffs… but we know that China is a big part of that in terms of having a gigantic export surplus, and that will be under attack from all over the world,” Winters said.
