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The US economy has demonstrated surprising resilience in the six months since President Trump unveiled a long list of tariffs against virtually every trading partner. In the aftermath of “Liberation Day,” fears of an imminent recession have eased as investors have started to envision a future without a tariff-induced trade war.
“Tariff uncertainty hasn’t fully abated but the administration has moved away from brinkmanship in favour of negotiations,” says Cheryl Frank, equity portfolio manager.
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