Asian family offices trim US stakes on Trump tariff risk

A growing number of Asian family offices are paring US assets as President Donald Trump’s tariff‑driven policy shifts rattle confidence in the world’s biggest economy, advisers overseeing billions of dollars said. About ten offices told Bloomberg they have reduced or frozen exposure, mainly in equities and Treasuries, citing unpredictability and recession risk. One Chinese billionaire office has liquidated US holdings entirely, reallocating to Asia; another Asian bank executive cut 60% of his personal US positions in favour of cash and gold. Hong Kong’s Hang Seng Index has risen more than 13% this year while the S&P 500 has fallen 3%, prompting wealth managers to favour markets in Hong Kong, mainland China and Europe. Some investors remain cautious about ramping up mainland allocations after regulatory crackdowns.