Ever since Donald Trump took over as president of the USA, there has been considerable disruption across markets. With different statements and deadlines being announced periodically, it becomes difficult to conjecture the future. There are at least 10 major consequences that can be visualised for 2025.

First, the higher tariffs announced along with the reciprocal tariffs being spoken of with major economies like the EU, UK, India, China, Mexico and Canada, among others, would mean that there will be disruption in trade at the general level.

Exports to the USA would come under pressure due to this factor. As already seen, there have been retaliatory tariffs announced by some of these countries, which, if not curbed, can lead to an all-out trade war where all countries pursue such policies, not just the USA but others too.

Second, at the micro level, industries within countries which are dependent on exports to the USA would have to rework their strategies, as this could mean lower demand for their products going ahead. Therefore, profitability concerns would be there, which will also get reflected in the stock prices depending on the intensity of the same.

Third, export-oriented economies would witness a severe blow if there is a major slowdown, and this holds for China for certain, which is heavily dependent on exports. This has the potential to slow down global growth too. It may be too early to put a number to the same, but any significant barrier to........

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