Goldman Sachs estimates that the 10% US tariff on China could weigh on China's real GDP by 0.5% in 2025.

Trade policy uncertainty has eclipsed what we saw during 2018-2019, particularly within Europe. It's likely that any impacts of tariffs or renegotiated trade deals have yet to be priced into European stocks.

The big money is not in the buying and selling but in the waiting. Charlie Munger

It’s not just stocks — foreign investors in one of the best-performing emerging bond markets are showing signs of wariness

Robin Brooks: President Trump is planning reciprocal tariffs on countries that apply higher tariffs on the US (red) than the US puts on them (blue). Much of the focus here has been on the EU, but it's EM that's in trouble. South Korea (KR), India (IN), Mexico (MX) and China (CN) stand out...