Bundles

15 April 2025

ING Monthly: The tariff sledgehammer smashing the global world order

It is general economic wisdom that there are no winners in trade wars, only losers; but some lose more than others. Our team of economists examine the impact of Trump's tariffs

In this bundle

The tariff sledgehammer smashing the global world order

Trump's tariff sledgehammer is breaking down the world order

Carsten on the damage done by Trump's tariff chaos

Carsten Brzeski on Trump's tariff damage

United States

For the US, Trump's 'beautiful' tariffs are in the eye of the beholder

The threat of recession is real unless the president backtracks or the Fed cuts rates

China

China holds strong as trade war crescendos

China enters a test of endurance and will rev up domestic demand to help offset tariff shock

Rates

Rates: US Treasuries have become a ‘pain trade’

US Treasury yields have shot higher when, really, they shouldn't

FX: Ranking currencies in a new world order

The trade war's effect on global currencies

The renewed pressure on global central banks

Central banks are expected to do more over the coming months

, and 2 others

Trade

Navigating the new tariff landscape

Is America's role in global trade being overstated?

Eurozone recovery facing serious headwinds

A stalling eurozone recovery on the back of the trade war is likely to push the ECB into three more rate cuts

United Kingdom

Tariffs are just the latest reason to expect UK tax rises this year

A more protectionist and weaker global economy sets up a difficult set of choices for the UK Treasury

How the CEE's central banks might respond to Trump's tariffs

How the CEE's central banks might respond to Trump's tariffs

Inflation in the CEE region means it's more challenging for central banks to respond to US tariffs

CEE countries could be more resilient to the tariff threat than you might think

This could be an exceptional opportunity for structural change in the CEE region

How the CIS-4 are navigating global trade tensions

A look at the implications of US trade wars and tariffs on the CIS-4 economies: Armenia, Azerbaijan, Kazakhstan, Uzbekistan

Tariff-induced sell-off hits commodities

Commodities, Food & Agri

Energy

Tariff-induced sell-off hits commodities

Tariff threats are hitting commodity markets and clouding the outlook

and

Report

ING Monthly: the tariff sledgehammer smashing the global world order

US President Trump's global tariffs are causing a dramatic change in economic relationships