Higher productivity has propelled the U.S. economy ahead of its major peers in recent years, offering a blueprint for other countries and raising the stakes in the global race to harness emergent technologies such as GenAI.

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.