
Each new year, global investors face a wildcard that they must game out in real time. In 2025, punters confront three as the Donald Trump 2.0 presidency hits the ground running.
They are: the trajectory of the US dollar; Xi Jinping’s plans for the yuan; and how trade tensions might play out in the end.
Making matters worse, each relies in part on three additional imponderables: Trump’s penchant for policy chaos; how China might respond; and the ways in which Washington might retaliate against Beijing’s retaliation — and vice versa.
“As we step into 2025, the global economy stands at a precarious crossroads, heavily
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