“We have observed that negative impacts have been quickly priced-in and are partly reversing following the announcement of the tariff pause,” says Boner in an April 11 note. “We are closely monitoring the Federal Reserve, potential fiscal stimulus announcements outside the US, Trump's first major trade deal and his pro-growth agenda, including tax reductions and deregulation.”
Assessing the long-term impacts of volatile US policy on the energy transition, including trade tariffs and other policy items, is near-impossible, says Roman Boner, portfolio manager of Robeco’s Smart Energy Equities strategy. “The energy transition is a very long-term structural development, while policy decisions currently change every other day.”
The strategy does not invest in the traditional energy sector, but in clean energy solutions, the electrification and decarbonisation of the energy value chain and energy-efficiency solutions.
