Economic outlook in the age of Trump

The new US administration's introduction of tariffs is likely to have a dampening effect on the global growth outlook in the short and medium term. This is creating a great deal of uncertainty among companies worldwide. By contrast, the interest rate cuts that we expect to see from the ECB and the US Fed this year should support the economy. We expect positive impulses for the propensity to invest of households and companies. For the Eurozone, we expect a slight acceleration of economic growth in 2025. In the US, we expect the economy to cool down.