Audio commentary: Unraveling the uncertainties

As the threat of U.S. tariffs remains a regular topic of news outlets, we examine the potential highs and lows and their effects.

In 2025, global equity markets may be able to add to the remarkable gains of the past two years. That will require economic and earnings pictures that don’t falter.

For the European Union, the economic impact of U.S. tariffs will depend on their level and duration. We investigate the implications of rapidly changing U.S. trade policies, and explore how the EU may respond.