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Michael Mortimore talks TACO with Benefits and Pensions Monitor

January 28, 2026

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In “‘We need to take Trump seriously’: Investors brace for a ‘multipolar world’ of fragmented trade deals,” Michael Mortimore talks to Benefits and Pensions Monitor about why investors must take today’s shift toward a multipolar world seriously as Trump‑driven tariff policies and fragmented trade dynamics reshape global markets.

“We need to take Trump seriously, in that he is absolutely committed to a reordering of global trade and what he sees as imbalances,” Michael said, adding that periodic retreats from aggressive tariff threats reflect concern over unintended consequences rather than a fundamental change of heart.

He also highlights how dollar weakness and changing market reactions are creating new opportunities for emerging markets.

“I think it is a little bit concerning that yields are popping on these announcements at the same time as the dollar falling but that’s how we’re used to markets, and that’s how we’re used to emerging markets behaving. If it’s relatively contained, then then this could be potentially very, very positive for non-dollar assets,” he said.

Read the full article.

NS Partners Ltd.
January 28, 2026