Our Geopolitical team is wrapping up an analysis on the escalating Ukraine-Russia conflict. In the meantime, here’s a piece we believe markets might not yet be fully tuned into:

With Donald Trump and Elon Musk seemingly forming a close alliance, their influence on trade and economic policies has become a hot topic. Notably, Vivek Ramaswamy and Musk have thrown their support behind Javier Milei’s economic strategy in Argentina, which includes radical measures such as aggressive spending cuts and a commitment to reducing trade barriers. This stance contrasts sharply with the Trump administration’s historically protectionist policies, raising questions about a potential shift in Trump’s approach to tariffs.