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U.S. economic policy has been highly erratic since the election of Donald Trump. For months, both friends and foes had little idea what to expect. Global economic uncertainty surged to the highest level seen in recent history, even exceeding its COVID peak.
Without a doubt, this has been a big negative for investment and hiring in recent months. High uncertainty over future profitability due to the imposition of tariffs and a potential trade war are a killer for companies’ investment decisions.
Following “liberation day,” the uncertainty has now been removed, more or less. But what has replaced