For the first time since 2012, UBS Wealth Management has moved to an underweight position on global equities in light of the latest trade tariffs.

The wealth manager is still cautioning against a large equity underweight, as if this were a traditional recession.

Mark Haefele, global chief investment officer for global wealth management, said that risks to the global economy and markets have increased following a renewed escalation in US-China trade tensions.

At the recent G7 meeting, US President Donald Trump said the conflict with China was "in many ways…an emergency".

China and the US both announ...