Nigel Green, founder, and CEO of deVere Group is speaking out after global stock markets come under heavy pressure on fears over the rising trade tensions between the U.S. and China – the world’s largest and second largest economies, respectively – and how global economic growth and corporate earnings will be impacted.

President Donald Trump confirmed tariffs on Thursday on up to $60bn in annual Chinese imports. He stated that China must pay for decades of unfairly acquiring American intellectual property. Today, Beijing unveiled plans to impose levies on 128 U.S. products, representing approximately $3bn in imports.

Mr. Green comments: “Trump’s trade tantrums are putting him on the wrong side of history”.

“By imposing tariffs and opposing free trade and globalization, he is potentially creating a totally unnecessary trade war that will be detrimental to the U.S. and global economies. It is almost like he is trying to drag America back to a time that no longer exists.

“For all Trump’s protectionist grandstanding, globalization in the world of trade and commerce is here to stay and will, if anything, only gain momentum in coming years and decades. Globalization is marching on with or without the U.S.

“Applied correctly, globalization promotes free trade which encourages global economic growth, creates jobs, makes firms more competitive, and lowers prices for consumers.”

He continues: “Trump’s tariff plans have created uncertainty and put global stock markets under pressure.

“I would urge investors to review their portfolios to ensure that they are properly diversified across regions, sectors and assets classes. Diversification is a key tool to mitigate potential risks and to take advantage of the inevitable opportunities that bouts of volatility present.”

Mr. Green goes on to say: “Over a longer time horizon, investing in equities is almost universally recognized as one of the best ways people can accumulate wealth.

“See-sawing markets are a chance for investors to put new money into markets at lower prices. A slump in the market often means that there are high-quality equities available at more attractive prices.

“Of course, no–one knows for sure what will happen in the immediate future, but history shows that stock markets rise over a longer-term period.”

The deVere CEO concludes: “With the possibility of a Trump-induced trade war heating up, investors should review their portfolios to make sure they remain on track to meet their long-term financial goals.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.