VOL. 39 NO. 4
Global uncertainty—economic and geopolitical—remains high. We go to press shortly after the announcement of a 25% tariff on all imported cars and related parts in the US, with additional announcements expected in the coming days. Reciprocal tariffs from other countries against the US are widely anticipated in the weeks and months ahead. These developments will undoubtedly affect economic forecasts worldwide as the extent and duration of the tariffs remain uncertain.
Recent outlooks from research institutions seem to agree on an expected economic slowdown in the US, though not necessarily a recession, with stronger negative consequences for its neighbors, Canada and Mexico. However, all forecasters are emphasizing the uncertainty surrounding any predictions, given how much is still unclear regarding global tariffs.
“We think that the proposed tariffs, as announced, would deliver a big hit to the auto industry, stoking higher costs, higher prices, and a sharp decline in US sales,” comments Solita Marcelli, CIO Americas at UBS Global Wealth Management. “The tariffs could also disrupt supply chains, deter investments and significantly raise consumer prices. They might also ignite trade disputes with Europe, Japan, and South Korea.”
Our mission, and what guides the coverage in this magazine, is to focus not only on uncertainties and challenges, but also on ongoing regional and global trends, industries on the rise, and emerging opportunities. This issue exemplifies that approach in several ways. It begins with our cover story on the rapidly growing space industry, which has the potential to impact multiple sectors. It also features our annual Investment Banking Awards, which recognize top performers across regions, countries, and specific sectors—even amid a slowdown in M&A activity and debt and equity issuance. Our Asia-Pacific regional report highlights new financial developments and products in one of the world’s fastest-growing regions. And, of course, our Middle East supplement shines a light on several strong economic realities alongside emerging trends, such as massive investments in sports by Middle Eastern investors and sovereign wealth funds, in the region and in the West.
Andrea Fiano | Editor at Large
afiano@gfmag.com
