Investors are reacting accordingly. Worried about the effects of tariffs and other moves by the Trump administration that could hurt growth in the U.S.—such as defunding research efforts around the country—ultra high net worth and family office investors are rethinking their positions here, at least in the short term.

At a media event Thursday, Goldman Sachs representatives said they are watching Trump’s moves closely. Many of their ultra-high net worth (UHNW) clients are asking for guidance, though they haven’t fled from U.S. equities just yet. But non-U.S. equities have outperformed so far this year, and broader diversification in general is a goal for the firm. Still, the firm is bullish on U.S. long-term given the country’s ability to innovate.

Source: Fortune