Listen: Trump, Trade Wars, and Tense Politics - How 2025 could unfold
In this week’s THINK aloud, ING’s James Knightley, Carsten Brzeski, and James Smith discuss the themes that will shape the global economy, inflation and interest rates over the coming year
A new US president, trade war threats, political instability in Europe, and mounting fiscal concerns obscure the outlook for the global economy in 2025.
Despite optimism about tax cuts and deregulation under President Trump, ING’s Chief International Economist James Knightley remains cautious about US growth prospects, warning that Trump’s tariffs would significantly impact American consumers while tax cuts may not be implemented in time to offset the rise in costs.
In Europe, tariffs come at a time when the economy is already seeing anaemic growth. Global Head of Macro Carsten Brzeski says disagreements over fiscal policy in France and Germany only add to the economic malaise.
In the UK, meanwhile, tariffs are also a risk but Developed Markets Economist James Smith says the country should outpace its European neighbours thanks to big increases in government spending.
In this week's THINK aloud, a replay of our live webinar, we dive deeper into these themes that will shape the economy, inflation, and interest rates in the year ahead.
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