Goldman Sachs Research economists expect the second Trump administration to bring higher China and auto tariffs, much lower immigration, some fresh tax cuts, and regulatory easing. 

Goldman Sachs Research strategists provide detail on their global markets outlook, highlighting 10 core investment themes.

We are entering a benign part of the cycle, according to our strategists in Goldman Sachs Research, as interest rate cuts that coincide with economic growth tend to be supportive for equities. 

Our European economists in Goldman Sachs Research expect 2025 to be another challenging year for the Euro area economy.

The recent UK macroeconomic news points to more near-term growth and inflation, according to our European economists in Goldman Sachs Research. 

Our US economists in Goldman Sachs Research expect policy changes proposed by the incoming administration to not substantially alter the trajectory of the economy or monetary policy. 

In 2025, our Asia economists in Goldman Sachs Research expect modestly slower growth in EM Asia and a shift towards domestic demand in China, but pickups in a few developed markets.