Trump's tariffs are a game of snakes and ladders; long-term investors must remain calm

The Johanna Kyrklund Market Consensus (Schroders) We have had a complicated beginning of the year: the rupture of the narrative of artificial intelligence (IA) by DeepSeek, a drastic change in spending on defence and infrastructure outside Germany and, of course, the 'Liberation Day'. As a result, at first we witnessed an important divergence in behavior between the different classes of assets and within each of them and, more recently, a sever…