Polka Mishra

The Supreme Court struck down IEEPA tariffs. Trump replaced them with a 15% Section 122 tariff. Countries like India and Brazil were facing tariffs significantly higher than 15% (e.g., India was negotiating down to 18%, now gets 15% automatically). China also sees a temporary effective rate drop before Section 301 ramps up. These "high-tariff" targets are the relative winners of the ruling compared to allies. India is explicitly called out as being in a "sweet spot." Trump may aggressively use Section 301 (unfair trade practices) to raise tariffs back up on these specific nations after the 150-day Section 122 period expires.

The Supreme Court struck down IEEPA tariffs. Trump replaced them with a 15% Section 122 tariff. Countries like India and Brazil were facing tariffs significantly higher than 15% (e.g., India was negotiating down to 18%, now gets 15% automatically). China also sees a temporary effective rate drop before Section 301 ramps up. These "high-tariff" targets are the relative winners of the ruling compared to allies. India is explicitly called out as being in a "sweet spot." Trump may aggressively use Section 301 (unfair trade practices) to raise tariffs back up on these specific nations after the 150-day Section 122 period expires.

Geopolitical tensions are high (US/Iran), and there is policy uncertainty regarding the US Dollar and trade. Gold remains the preferred hedge against both geopolitical binary outcomes and currency debasement/volatility. Recommended allocation is ~10% for aggressive portfolios as a hedge. A sudden de-escalation in the Middle East or a sharp rally in the US Dollar.

KOSPI and TAIEX still have upside potential despite profit booking and AI capex concerns. In Korea, the run-up has been driven by Samsung and SK hynix, but the broader story of corporate reform and shareholder value is not fully priced, and more than half of sectors have seen earnings upgrades. In Taiwan, similar potential exists. Dips should be bought.

KOSPI and TAIEX still have upside potential despite profit booking and AI capex concerns. In Korea, the run-up has been driven by Samsung and SK hynix, but the broader story of corporate reform and shareholder value is not fully priced, and more than half of sectors have seen earnings upgrades. In Taiwan, similar potential exists. Dips should be bought.

The banking sector has performed strongly and will remain a beneficiary as interest rates are expected to stay high, both in the United States and in Japan.

The memory demand-supply gap is driving upside for chip manufacturers; Samsung, SK Hynix, and Micron are the top beneficiaries as this is more a memory play than a GPU gap play, and they are expected to outperform even Nvidia until China offers a cheaper alternative.

The memory demand-supply gap is driving upside for chip manufacturers; Samsung, SK Hynix, and Micron are the top beneficiaries as this is more a memory play than a GPU gap play, and they are expected to outperform even Nvidia until China offers a cheaper alternative.

Within Asia, focusing on value rotations by looking at Japan's domestic sectors like financials and tourism, as these benefit from the weakening yen and thematic shifts.

Within Asia, focusing on value rotations by looking at Japan's domestic sectors like financials and tourism, as these benefit from the weakening yen and thematic shifts.

The memory demand-supply gap is driving upside for chip manufacturers; Samsung, SK Hynix, and Micron are the top beneficiaries as this is more a memory play than a GPU gap play, and they are expected to outperform even Nvidia until China offers a cheaper alternative.

The US is a net energy exporter and a beneficiary of the Iran crisis, so we have allocated more to US equities in the near term.

We have added energy as a hedge to the portfolio because of the Iran war risk and elevated oil prices.

India is benefiting from the tariff reset (15% cap). The analyst explicitly advises *against* India's AI sector (too early/behind US & China) and favors Consumer, Financials, and EV sectors where domestic growth is tangible. Long India, but be sector-specific (Financials/Consumer > Tech). The trade deal with the US is currently "postponed/on hold," creating diplomatic uncertainty.

The Supreme Court struck down IEEPA tariffs. Trump replaced them with a 15% Section 122 tariff. Countries like India and Brazil were facing tariffs significantly higher than 15% (e.g., India was negotiating down to 18%, now gets 15% automatically). China also sees a temporary effective rate drop before Section 301 ramps up. These "high-tariff" targets are the relative winners of the ruling compared to allies. India is explicitly called out as being in a "sweet spot." Trump may aggressively use Section 301 (unfair trade practices) to raise tariffs back up on these specific nations after the 150-day Section 122 period expires.