NEW YORK (TheStreet) --The iShares MSCI Emerging Markets Indx ETF  (EEM) is lower 5.26% since the election of Donald Trump for President of the U.S. The concern stems from Trump's trade policies that could result in increased tariffs, thus hinder economic growth, per HSBC.

"Another problem is that an overwhelming majority of these ETFs are actually Asia," S&P Global equity chief investment officer Erin Gibbs said on CNBC's "Power Lunch" this afternoon.

"So, when looking at currencies, look at how the dollar is going to trade with the yuan as well as with South Korea and Taiwan, and in that case I don't see any real weakening," she noted.

Furthermore, she pointed to the stagnate economic growth in some of the emerging markets, particularly Asia, as another headwind.

"We are just not seeing the growth; we're seeing further and further disappointments. And, of course, stronger interest rates in the U.S.," Gibbs said. "So, particularly when you look at some of the MSCI emerging markets, it's really all about China."

Until there appears to be a turnaround in China's economic growth narrative, Gibbs doesn't see much upside moving forward.

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