A year since U.S. President Donald Trump tripped up global financial markets with his so-called Liberation Day tariffs, the investment playbook his move inspired has been firmly put on the shelf.
That¡¯s because the Iran war ¡ª now in its second month ¡ª has unleashed an unprecedented oil shock, forcing a swift unwinding of popular, crowded trades that had come to define markets in the months since last April.
Global stocks, which had rallied on the back of the artificial intelligence boom and falling interest rates, have lost about $14 trillion in value since the conflict began, as risk appetite evaporated.?
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