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Trade Showdown

Macro Insights
Trade Showdown

Executive Summary

Globalization has shaped our world, owing in large part to the expansion of cross-border trade. We now see considerable challenges to this momentum, which has slowed over the past decade on weaker global demand. The political and economic outlook is turning inward, as more voters reject policies that they feel have hurt their job security and disproportionately benefited the wealthy.

This Macro Insights explores the “Globalism to Populism” transition outlined in our 2017 Investment Outlook through the lens of trade. We’ve asked our investment professionals to share their views on the market and investment implications of evolving trade policy, as protectionism could reconfigure trade relationships globally and plot a new distribution of winners and losers.

Macro Insights will continue to provide fresh views throughout the year on this and other key investment themes.

More Challenging Times Ahead...


Source: World Bank national accounts data, and OECD National Accounts data files. World Trade Organisation (WTO), General Agreement of Tariffs and Trade (GATT).

In This Edition

High-level views and market implications from our investment professionals.


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