‘If he’d stayed on the golf course, we’d be in a better place’: experts on Trump’s tariffs, one year on

Trump’s tariff shock and broader institutional disruption have left the dollar weaker and investors shifting exposure away from US assets, a backdrop that has supported non-US asset allocations and, by implication, safe-haven demand. The article argues that “liberation day” and the administration’s subsequent policy volatility undermined confidence in US growth, with investors selling dollar-denominated assets as the greenback fell against major peers. The piece cites TS Lombard’s Dario Perkins and AJ Bell’s Russ Mould, who say investors have been reassessing US exposure over the past year. It points to deteriorating US labor and confidence data: BLS revisions cut payroll growth by 403,000 jobs, manufacturing shed 100,000 jobs between January 2025 and March 2026, and consumer confidence slipped to near-record lows by end-2025. The US goods deficit also hit an all-time high in 2025, undermining the White House’s tariff narrative. For precious metals, the key takeaway is the macro mix remains structurally constructive for gold if policy chaos continues to pressure the dollar and erode confidence in US assets. Near-term focus is whether renewed tariff escalation or further dollar weakness prompts another allocation shift into defensive assets. The article does not provide direct gold or silver market data, so the PM read-through is indirect rather than trade-specific.