Kamala steel-ing the show
In a week where Kamala Harris stepped in to block the takeover of US Steel by Japanese counterpart, Nippon Steel, we were reminded that it is not only the Chinese that are in the US government’s sights.
Since Donald Trump started to put punitive tariffs on Chinese goods about 6 years ago the market share of Chinese goods in US manufactured imports has dropped from about 26% to 15%. However this has not led to notable US reshoring, it has simply led to other ASEAN countries stepping into the gap as can be seen two charts below.
The unintended consequences of clumsy government action illustrate the need for specialist and well-resourced managers in the region. Callanish Capital invests in the Ashoka WhiteOak Emerging Markets Fund which has invested in a large research team based in India, Mauritius, and Singapore (as well as Spain, Switzerland, and the UK) which enables it to take advantage of regional trends as they open and avoid the disappointments caused by things like government tariffs.
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