Global markets are entering complex period in which trade policy and geopolitics are colliding simultaneously. The Trump administration is not only pushing through with new tariffs but also navigating economic consequences of the US-Iran conflict. These two forces are fuelling inflation, constraining financial conditions and causing greater uncertainty in markets around the world. Businesses are experiencing increased costs while policymakers are struggling to balance growth and inflation. This environment is changing capital flows and driving down confidence and risk of wider economic slowdown.
