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Trump’s tariffs start to bite, driving US inflation up in June
US firms are trying to offshore the brunt of the impact to other regions
USD bns of capital cross the Atlantic as investor confidence in the US wanes
Outflows from US equity funds have doubled YTD, while inflows in Europe hit USD 100 bn
The US is trying to curb China’s chipmaking industry. Western companies are paying the price.
Nvidia forecasts a USD 5.5 bn charge in 1Q 2026