Beyond the US

Over the past few weeks, global eyes have been fixed on DC and Mar-a-Lago for the latest statements from the Trump Administration: this past week it has been tariff threats to Canada and Mexico, the initial shots in the US/China trade wars, the Panama Canal, proposals for a US sovereign wealth fund, Gaza, and much more.

My assessment remains that the second Trump term will be more disruptive and consequential than the first Trump term, as the US increasingly acts as a revisionist power. This will have material implications for firms, investors, and for governments: the effects on equity, rates, and currency markets as well as national economic outlooks are already evident.

But the world is more than the US. And global developments elsewhere over the past month are instructive for understanding the emerging world. My latest note discusses 10 selected global developments that have struck me at the start of 2025.

The full note is available here: https://davidskilling.substack.com/p/beyond-the-us