tariffs / trade policy risks going forward
Read more ↗TL;DR (coffee-cup summary) Most large risks are not being properly priced or talked about: policy uncertainty (trade/tariff shocks, political shocks), new sovereign & corporate debt risks, non-bank (shadow/private credit) financial system threats, a fragile di…
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1) Why tariffs matter now (the big-picture drivers) Two things changed recently: (a) major economies — especially the U.S. — raised or threatened broad tariffs in 2025, and (b) geopolitical friction (notably U.S.–China tensions) pushed firms to re-think…
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