The impact of US trade tariffs will be far less than investors fear, owing to structural changes in the US economy and the willingness of President Donald Trump to make deals with trade partners. However, concerns over US stability are weighing on the US dollar, while rising budget deficits place upward pressure on inflation. In an environment of heightened uncertainty, broad portfolio diversification is paramount. However, with the 40-year bull market which was driven by declining interest rates and explosive earnings growth now over, indexed equity strategie...