Global Outlook - July 2025

In this video, Bill Dinning, Chief Investment Officer at W1M, discusses the upcoming 9th July deadline for US tariffs proposed by President Trump, suggesting a likely delay but warning of potential inflation and weaker growth if implemented. He notes that tariff revenues have risen significantly, becoming a notable source of US government income. Dinning also highlights market concerns in the UK following the Labour Party’s retreat from welfare reforms, which triggered a sharp rise in gilt yields and raised questions about future government borrowing. Despite recent resilience in sterling, he cautions that continued fiscal uncertainty could lead to further weakness in the currency.