Russ Mould of A J Bell marks the first anniversary of Trump's "Liberation Day" tariffs. The overall impact hasn't been as great as feared at the time, with tariffs settling around 10-13%. Since then, the dollar has gone down, US equities have underperformed and US bond yields have generally gone up. The concept of the US being the only game in town has been reassessed, while supply chain management and national security in all its ramifications have come to the fore. In all this, the UK isn't the worst place to be invested in, thanks to the heavy emphasis on oils, mining and staples, which do well in times of uncertainy. The UK isn't immune if there's a worldwide recession but it does offer some balance and ballast.

Guests: Russ Mould

Published: Thu 2 April 2026