Outlook for 2025: Trump 2.0 and ‘Golden Ages’
Outlook for 2025: Trump 2.0 and ‘Golden Ages’
27 Jan 2025
Alasdair Gill, Partner at XPS Investment, recaps on 2024, the millennium to date, and outlines some pointers for investors for the next year.
In 2024, politics took centre stage – will 2025 be a bit calmer in this regard? With President Donald Trump re-gaining the White House in the USA, alongside a supportive House of Representatives and Senate, this is unlikely! With the imposition of tariffs on China and the rest of the world likely, inevitable forays into geopolitics, and generally unpredictable announcements, we expect markets to be kept on their toes this year.
Deregulation and tax cuts could help mitigate some of the negative impacts of tariffs on the global economy, but there will certainly be winners and losers to evaluate in 2025. In this note, we provide a recap on events in 2024 before reflecting on the last 25 years to see if any parallels can be drawn between the fate of technology stocks and address inflation then and now. We conclude with an outlook for 2025.