In recent months, the White House has slapped sanctions on countries from Venezuela to Turkey, just as investigations into Russian election meddling and hush-money payments deepened. (Photo: Diego M. Radzinschi/ALM)

(Bloomberg) –Donald Trump's in trouble and emerging markets may pay the cost, according to some of the world's largest money managers.

Facing an increasingly grim legal and political landscape, Trump is likely to double down on his strategy to distract from domestic concerns by fixing his focus abroad, said John Normand, JPMorgan Chase & Co.'s head of cross-asset fundamental strategy in London. That could escalate his push for higher tariffs on $200 billion in Chinese imports, among other things.

“Overweighting EM broadly isn't the low-worry hedge to a tortuous impeachment process,” Normand wrote in a note Thursday, adding that he's “modestly overweight” emerging markets due to their medium-term value.