Global trade is more 'buffered' against Trump's tariffs this time around, says Strategist

• Markets are becoming accustomed to US tariff news, with global trade linkages outside the US strengthening and buffering against impacts.
• Indosuez Wealth Management raises its spot gold forecast to $5,500/oz, citing persistent geopolitical risks and central bank demand.
• The firm expects the Fed to cut rates only once this year, unless employment data severely disappoints, and does not foresee a US recession.

Francis Tan of Indosuez Wealth Management believes global trade is more resilient to US tariffs due to strengthened international linkages, leading markets to quickly digest tariff news. He is bullish on gold, raising its forecast to $5,500/oz as a portfolio hedge against ongoing geopolitical volatility. He expects the Fed to implement only one rate cut this year, anticipating no immediate US recession.