NOW Special Edition: Positioning for tariff turmoil

Loading player...
In this special edition of Investec’s No Ordinary Wednesday podcast, we delve into the recent market turmoil following President Donald Trump's controversial tariff announcements, which led to a staggering $5 trillion loss in the S&P 500 in just two days. Investec Wealth & Investment International’s Chief Investment Strategist, Chris Holdsworth, and Investment Strategist, Osagyefo Mazwai discuss implications for the global and local economies, investment portfolios and the future of markets.

Podcast key moments:

00:00 – introduction
01:01 - What’s the Global Investment Strategy Group’s view on Trump’s strategy and how does it impact its risk score?
03:00 - Is this all bark and no bite on Trump’s behalf? Could Trump roll back any of the tariffs?
03:54 - Is there method in Trump’s madness? Could these tariffs play to his ambitions of boosting local manufacturing, reducing debt and improving the life of the majority of Americans?
05:55 - US recession fears are mounting, are these valid? What would the knock-on consequences be for global growth and earnings?
06:39 – Where are the opportunities for investors amidst the chaos?
07:50 - South Africa’s exposure to tariffs?
09:24 - What options does the South African government have when it comes to responding to the tariffs?
10:30 – The uncertainty with the government of national unity is weighing heavily on local markets. How will this play out?
12:17 - With all this uncertainty, how is Investec’s Global Investment Strategy Group positioned on South Africa?
13:30 - South Africa has strong trade ties with both the US and China. How could these tariffs affect the country’s trade balance?
14:22 - Should we be concerned about further rand weakness?
15:20 - With no end in sight to geopolitical tensions and global trade shifts, what is the outlook for the global economy over the next 12 months?

Read more on www.investec.com/now

Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business.
Chapters
  • 00:00 Introduction
  • 01:01 What’s the Global Investment Strategy Group’s view on Trump’s strategy and how does it impact its risk score?
  • 03:00 Is this all bark and no bite on Trump’s behalf? Could Trump roll back any of the tariffs?
  • 03:54 Is there method in Trump’s madness? Could these tariffs play to his ambitions of boosting local manufacturing, reducing debt and improving the life of the majority of Americans?
  • 05:55 US recession fears are mounting, are these valid? What would the knock-on consequences be for global growth and earnings?
  • 06:39 Where are the opportunities for investors amidst the chaos? 07:50 - South Africa’s exposure to tariffs?
  • 09:24 What options does the South African government have when it comes to responding to the tariffs?
  • 10:30 The uncertainty with the government of national unity is weighing heavily on local markets. How will this play out?
  • 12:17 With all this uncertainty, how is Investec’s Global Investment Strategy Group positioned on South Africa?
  • 13:30 South Africa has strong trade ties with both the US and China. How could these tariffs affect the country’s trade balance?
  • 14:22 Should we be concerned about further rand weakness?
  • 15:20 With no end in sight to geopolitical tensions and global trade shifts, what is the outlook for the global economy over the next 12 months?
8 Apr 2025 English South Africa Business · Investing

Other recent episodes

NOW Ep 126: Investing through the noise

Markets are moving fast but are investors moving with intent? In the latest episode of No Ordinary Wednesday, we go beyond market headlines to unpack what investors are actually doing in a volatile, news-driven environment. From trading the news cycle to navigating currency swings and concentrated markets, Investec’s Tinus Rautenbach…
6 May 19 min

Macro Monday Ep113: Markets look through the energy shock

Despite concerns about the war with Iran, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, earnings have been resilient while markets have been looking through the energy shock. Equities are up, while equity market analysts have been upgrading their earnings estimates.
4 May 8 min

Macro Monday Ep112: Markets aren’t pricing in ‘stagflation’

Ordinarily, you’d expect an oil shock to lead to not only higher inflation, but also weaker equities and a lower growth outlook. However, markets aren’t pricing in a stagflationary outcome. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, examines this apparent anomaly.
20 Apr 9 min

NOW Ep125: Capital meets reform | Is South Africa investable again?

South Africa’s reform momentum is becoming more visible but so are the constraints that could stall it. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Rudi Dicks, Head of the Project Management Office in the Presidency; Martin Meyer, Head of Energy and Infrastructure Finance at…
15 Apr 30 min