HOTD = Headline of the Day

As we suspected in yesterday’s Global Risk Monitor, recent developments confirm a deteriorating trajectory in U.S. trade negotiations. Today’s Financial Times headline underscores the hardening U.S. stance, signaling heightened tariff risks for non-cooperative trade partners. This shift, when viewed alongside Moody’s downgrade of the U.S. sovereign credit rating announced post-market close on Friday, is likely to unsettle investor sentiment and amplify concerns over global economic stability.