Uncertainty as a Certainty – Wealth Preservation Portfolio
There are no changes to the Wealth Preservation Portfolio this week. The ruling by the US Court of International Trade (USCIT), that the President’s use of the International Emergency Economic Powers Act (IEEPA) overstepped the powers granted under the Act, does not change much. The judicial process may muddy the waters and delay the use of tariffs for a while. The outcome for Tariffs also effects the Big Beautiful Bill for the budget which relies on excessive estimates of tariff revenues (US$ 3 trn over 10 years) to fund an already excessive deficit which i estimate at 8% of GDP. Uncertainty is the only certainty. That's unlikely to boost economies or markets. But the Administration will find work arounds. So markets betting on “back to normal” global economic and geopolitical conditions are in my humble opinion wrong.