Swapping ‘safe haven’ sheen for trade war target

Precarious situation: A trader on the floor of the New York Stock Exchange. US Big Tech is vulnerable as tariffs and trade restrictions from Washington will bite, as will retaliatory moves from China. — AFP

TREASURIES are not the only “safe haven” US asset getting the cold shoulder as investors around the world rethink their enthusiasm for all things America. The shadow over “Big Tech” is darkening and lengthening too.

In recent weeks, the global trade war, the Trump administration’s “America First” agenda and its apparent disdain for the post-war world order have dramatically slowed inflows into US markets, and in some cases, reversed them.