2024 marked another year of U.S. exceptionalism, but recent developments including tariffs and the rise of DeepSeek could undermine American outperformance.
“From a macro perspective, a universal tariff scenario would likely supercharge the broad price effects for precious metals. Boosted economic growth concerns and higher inflation risks could continue to fuel strong investor demand for gold.”
Natasha Kaneva, head of Global Commodities Strategy, J.P. Morgan
Major shifts in U.S. policy could reshape decarbonization strategies, while China, Brazil and some European countries have emerged as increasingly influential voices on climate action.
J.P. Morgan Corporate & Investment Bank Marketing, 25 Bank Street, Floor 30, BS30-3000, Canary Wharf, London E14 5JP, United Kingdom.
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