Scaling up electrification should be part of the EU’s growth strategy, with a double dividend: lowering CO2 emissions and reducing the income transfer to the rest of the world which importing fossil fuel entails- notably to the US. 4/4. See the full weekly note here: www.axa-im.com/investment-i...

The experience of trade war 1.0 suggests that even when the impact of retaliatory tariffs was locally tangible in the US in terms of employment, the electorate does not shift away from protectionist offers 3/4

When looking a how the EU should respond to a trade war with the US, a proper growth strategy may prove more fruitful than engaging in tariff escalation, which would ultimately be more costly to Europe given its reliance on international trade 2/4

Investors have to accept that if D.Trump does not deliver all the growth-dampening/inflation-rising aspects of his platform, he cannot give them all the fiscal sugar rush they are expecting. Find my full weekly paper here www.axa-im.co.uk/investment-i.... 2/2