As we enter 2025, a strong dollar and a looming trade war are headwinds for emerging markets. However, interest rates are declining and there is evidence of some positive structural changes in countries such as Argentina and SA.

US president-elect Donald Trump’s return to the White House brings back his tariff wars, deportation of undocumented immigrants — which should reduce labour supply — and supposed US austerity via the new department of government efficiency. ..

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