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- President Trump’s tariffs have unwound decades of global trade liberalisation, jolting markets and leading to revisions in global growth forecasts
- The ultimate impact of the tariffs remains unclear given the volatility of US trade policy announcements. Most forecasters expect the greatest hit to be on the US domestic economy
- Central bank outlook clouded by trade policy uncertainty
- Main currency pairs exhibiting extreme volatility due to Trump 2.0 impact. Dollar has weakened as US growth expectations have reversed
- Euro likely to hold most of its gains, but high uncertainty due to evolving tariff polic
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