Markets tend to take geopolitics less seriously than most pundits expect. In the past few years, the world has looked like an increasingly risky place, yet US equity markets have continued their remarkable climb to the sunlit uplands.
In 2025, though, markets will surely take very seriously one geopolitical phenomenon: Donald Trump. To predict how the year will pan out, you need to answer one key question — will he do what he said he would?
