
Counting the cost of tariff chaos
The global macro and markets outlook
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24th April 2025
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What is the outlook for the global economy and markets after the chaos of Trump’s ‘Liberation Day’ tariffs rollout? What will be the fall-out of a full-blown US-China trade war? And is more pain in store for financial markets?
During this 30-minute briefing, our economists answered key questions, including:
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Which economies will be hurt most by Trump’s tariff plans and the likely policy responses.
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The future of the US exceptionalism trade and the threat to the dollar’s global dominance.
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The potential and scope of a US-China deal – and the further steps Beijing could take to respond to Trump’s tariffs.

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