World leaders are getting older and global democracy scores are falling. What are the potential outcomes for global markets?

The focus is on tariffs and their impact on financial markets, including wild swings in equities and a dramatic sell-off in US Treasuries and the US dollar.

In the US, the Trump administration’s imposition of tariffs on imports from trading partners across the world has seen markets plunge. Here is what we are thinking as a credit desk and how we are approaching portfolios.