Wealth Management

Wealth managers retreat from US stocks amid Trump tariff uncertainty

Rathbones and SJP keep a lid on US allocations as 9 July deadline for tariff negotiations looms

US president Donald Trump’s tariffs have unsettled markets Sean Rayford/Getty Images
US president Donald Trump’s tariffs have unsettled markets Sean Rayford/Getty Images

Wealth managers have slashed their investments in the American stock market as they wait to assess the blowback from US president Donald Trump’s sweeping tariffs.

St James’s Place and Rathbones are among the firms that have cut exposure to US equities in their portfolios and have reallocated client cash towards unloved markets, such as Europe and the UK, as well as safe haven assets like gold.

WSJ Logo
110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the BrinkExternal link

110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink