WTW – Global Markets Overview, Jul 2025

The main theme of the report concerns US trade policy and its impact on global markets.

Key findings include the US government's main trade priorities: increasing national and economic security, relocating manufacturing operations to the US, reducing trade deficits, and increasing tariff revenue. The US 'tariff wall' is expected to be maintained during the current administration and likely beyond. The extension of 'reciprocal' tariffs until August 1 and the introduction of new tariffs on copper and other industries are anticipated. A slowdown in US and global economic growth is expected in the second half of 2025, along with rising US inflation. Financial asset forecasts include a negative outlook on the US dollar, a neutral stance on stocks and credits, and a positive view on certain assets.