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US asset markets and the dollar have made a good recovery from their April lows. By agreeing to a 90-day temporary reduction in the most severe tariffs on China, it looks like pragmatic rather than ideological policymaking has won out in Washington after all. Still, the scars of April’s events will likely be left on both the US economy and the dollar
FX Talking: Washington blinks first, but dollar damage is done

Markets have calmed, but don’t be mistaken; we are far from being back to normal. There's a sense that the world is caught like a deer in the headlights, not sure what to do and terrified of what might be about to hit it
ING Monthly: The world is caught like a deer in the headlights
There’s a lot of data next week. A lot of it won’t look good. But does that mean imminent recession? Not necessarily, argues James Smith. But hey, what do economists know about these things?
THINK Ahead: How to (not) spot a recession
President Trump has announced a swathe of tariffs that he hopes will fund income tax cuts and incentivise manufacturing reshoring. In the long run it may deliver positives for the US economy, but the measures taken mean a painful transition period ahead
‘Beautiful’ tariffs risk turning the growth outlook ugly
The year has barely started and we are learning the hard way what Donald Trump’s second term in office means for markets, analysts and global policymakers. It's like living through an episode of the political thriller, House of Cards.
Top Trumps: the global economy’s House of Cards
We anticipate another year of sluggish growth for the global car market, marked by some positive factors but also numerous uncertainties. While the regional divergence in electric vehicles (EVs) grows, we expect a resurgence in the European EV market in 2025.
Global car market in the slow lane: China soars ahead of the West in electrification
We see large parts of the complex edging lower in 2025 with relatively comfortable supply and demand balances. The potential for an escalation in trade tensions is a downside risk, while markets are waiting to see if and when Chinese support measures feed their way into commodity markets in the form of stronger demand.
Commodities Outlook 2025: A bearish horizon
The EU introduced the Chips Act in September 2023 to “bolster Europe’s competitiveness and resilience” in the semiconductor space. The initial goal was for Europe to increase its market share to 20% by 2030. However, with shifting global dynamics, do these ambitions still hold?
Is Europe still in the semiconductor race?
‘Love, Actually’ remains a firm festive film, but its themes and core message now appear dated and, at times, a little shocking. As Donald Trump prepares to re-enter the White House, Europe continues to struggle with stagnation, and conflict continues to rage, then I argue that, a bit like the movie, global economies really need to move on.
Economics, actually: Our 2025 hit list
In this article, you'll find the differences between credit and debit card acceptance, the benefits of offering multiple in-shop payment options, pricing comparison between credit card and debit card acceptance, and how to add credit card acceptance in your shop.
How and why to accept credit cards: a complete guide for merchants
A 90-day ceasefire was agreed upon after China-US trade talks in Switzerland, with the US dropping tariffs on China to 30% and China dropping tariffs on the US to 10%. This was a larger-than-expected de-escalation and represents an upgrade to the outlook, though the negotiation process will likely remain challenging
China-US trade ceasefire offers a welcome boost to the outlook
Our Chief Economist and Global Head of Research, Marieke Blom, gives her perspective on why elements of degrowth and green growth may be necessary to address our environmental crisis. Interested to know more about her outlook on the economy?
Our Chief Economist's eye on the economy
A US 20% reciprocal tariff on the European Union will hurt. It's worsened the eurozone's short-term outlook. Now, so much depends on European governments to push through with their planned fiscal stimulus and reforms to strengthen domestic economies
Tariffs: Europe’s worst economic nightmare just came true
It's widely recognised that the impact of AI could soon affect the labour market and productivity levels. This article provides an insight into how it can also influence inflation, monetary policy transmission and the natural rate of interest.
AI monthly: The world of the unknown
Not only are companies looking for new ways to make their supply chains more resilient in the face of macroeconomic headwinds, they are also seeking to make them more sustainable. As ESG becomes a major factor in this space, it is important to be aware of the growing range of tools available to treasurers to help support sustainability.
Boosting ESG in the supply chain: the role of sustainable trade instruments
The role of treasury is continuously changing. Treasurers are expected to be business partners within companies and to deliver data that can be used for strategic decision-making. But they also face pressure to work more efficiently and to improve their performance – with fewer resources available.
From buzzwords to reality: the road to a centralised and digitalised treasury
There is a growing sense of urgency to go green in the Middle East with Qatar, the United Arab Emirates (UAE) and Saudi Arabia intent on ramping up sustainability efforts. Banks, like ING, can help.
The Middle East: making strides in climate action
In a world that is increasingly digital, data centres are critical infrastructure. And while digitalisation is helping to make many industries more sustainable, the underlying infrastructure should itself be more sustainable.
ING is encouraging data centre efficiency
Europe's cement industry is committed to its goal of net-zero emissions by 2050. Michele Monterosso, global lead of ING's construction sector, shares some insights into how it can get there.
Concrete action to decarbonise the cement industry
Each industry is different, but they are all dealing with climate change. What's happening in steel? Erik van Doezum, ING's steel lead, gives his perspective.
Steel and climate change - things you might not know
Despite stronger-than-expected first-quarter growth, the eurozone's economic outlook remains bleak. While inflation figures for April disappointed, falling energy prices are still likely to push headline inflation to 2% before the end of the year, allowing the ECB to cut rates two more times.
The eurozone is still heading for a slowdown
Stay a step ahead as our economists and strategists try to make sense of the world. ING's global economists and strategists tell you what's happening - and is likely to happen - in the world of global markets.
Stay up-to-date with ING Think
Each industry is different, but they're all dealing with climate change and sustainability. What’s happening in shipping? Stephen Fewster, global head of ING’s shipping sector, gives his perspective.
Shipping and sustainability
27 February 2025 - The world is still trying to keep up with the new old US president, Donald Trump. Regardless of where you stand on the substance of the announced policy measures, the pace at which the US administration has come off the starting blocks is breathtaking.
It's a mad world
Overly pessimistic warnings of economic shocks could weaken crucial support for globalisation, writes ING’s Chief Economist, Marieke Blom, for the Financial Times.
The risks of being too gloomy about Trump’s tariff proposals
Our Global Head of Macroeconomics, Carsten Brzeski, offers his take on the global economy and suggests that too much trust is being placed in central banks' abilities to fix the worsening economic situation.
Central banks left holding the baby
The next president of the United States and the parties that will control Congress will have a major say in where financial markets head over the coming years. So, just what might happen to FX, Rates, Commodities, and Credit Markets whoever wins? Here are 3 scenarios which could affect asset classes via domestic, foreign and trade policy.
US presidential election: Three scenarios for markets
European gas prices fell just recently, as storage moved past 90% full. While there are still supply risks related to Russian pipeline flows, these flows remain unaffected up until now. What is happening with other commodities?
The Commodities Feed: European gas weakens
The global sustainable finance market continues to see decent levels of issuance and new areas of growth in 2024. For instance, green bonds are experiencing strong momentum. What are the latest sustainable finance trends?
Global sustainable finance market: changing for the better
The European elections brought the expected shift to the political right in the European Parliament. The biggest risk for policy, however, stems from national politics in France and Germany.
European elections: What a shift to the right could mean for the economy and markets
Much is made of Artificial Intelligence’s potential to transform labour markets and make productivity gains. But at a macro level, we think those AI productivity gains, while significant, may not be quite so spectacular.