Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.

With a second Trump administration in the U.S. eyeing an ambitious agenda and trade tensions coming to the fore, how should investors position portfolios? Our 2025 Outlook examines the issues and opportunities facing economies and markets in 2025.

Amid an innovation revolution in biotech that stands to not only transform our lives but also impact investment portfolios, what should investors be looking for?