Nomura expects the last round of U.S. tariffs on China in the third quarter of this year

Even for long-term investors, it is now increasingly difficult to escape the noise of the trade war.

That’s especially true against a backdrop of investors fleeing global equities for safe-haven assets on Thursday amid the growing realization that the U.S.-China trade dispute is likely to linger for some time. This shift in market sentiment, as suggested by Nomura, is at the heart of this column’s view on Thursday.

“While the U.S. and China appeared to be making steady progress on the surface and were on track to reach an apparently modest deal for some time, relations between the two Further off track in the past two weeks.”

“We do think that both sides will not be able to get back to where they seemed to be at the end of April,” said the analysts, who now expect U.S. President…