Publications

The Art of Destabilization: Is "Trump 2.0" Heralding a New American Transformation?

In his latest article published today on Allnews, Jean-Christophe Rochat, Chief Investment Officer, explores the implications of a potential return of Donald Trump to the presidency.

Jean-Christophe Rochat delves into the historical roots of illiberalism in the United States, from 19th-century policies like the Indian Removal Act to contemporary racial and immigration challenges. He argues that Trump embodies a modern evolution of this trend, leveraging unpredictability and divisive rhetoric to galvanize his base while unsettling the political establishment.

The article highlights Trump’s strategic shift in his second campaign, marked by alliances with influential figures from technology and finance, such as Elon Musk and Vivek Ramaswamy. This new alignment suggests a more pragmatic, technocratic approach compared to his first term's chaotic style, potentially enabling sweeping reforms.

However, challenges loom. Jean-Christophe Rochat underscores the risks of Trump’s proposed policies, including recessionary pressures from a reduced state apparatus, healthcare reforms, and protectionist tariffs. These measures, while aimed at economic growth, may heighten inflationary tensions and consumer costs, raising concerns among investors.

As the U.S. approaches this critical juncture, the potential impact on financial markets, global trade, and the geopolitical landscape cannot be overstated.

👉 Read the full analysis, published on Allnews, on December 11, in French: L’art de la déstabilisation | Allnews

December 11, 2024

Publications

Letter from The CIO - December 2025

Investing with discipline: what 2025 has taught us

December 11, 2025

Publications

Swiss Economic Diplomacy in Transition

Multinational companies emerge as diplomatic actors, revealing a shifting hybrid economic governance.

December 01, 2025

Publications

Letter from the CIO - October 2025

Markets in Suspension: Between Euphoria and Caution

October 15, 2025