Global economic outlook Q3 2025: tariffs toughen
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
-
Executive summary
- Tariffs toughen
- US: full impact of tariffs yet to emerge
- China: momentum slipping
- Transshipment clampdown
- Trade uncertainty will persist
- Europe: defence spending won’t revitalise the economy
- A new economic order?
Tables and charts
This report includes the following images and tables:
- US effective tariff rate
- Global GDP growth
- US domestic demand growth
- US labour market
- China's growth indicators
- Vietnam trade data
- US tariffs on key Asian economies
- EU budget balances and defence spending
What's included
This report contains:
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