The re-election of Donald Trump as US president has generated a climate of uncertainty over US economic policy for 2025, with Trump and his team vowing to increase tariffs on most imported goods. How will Trump's return impact the global economy? From the United States to China by way of Europe, we take a comprehensive look at what global trade, growth and innovation are likely to look like and what all of that could mean for the climate. Our guest is Raphaël Gallardo, chief economist at Carmignac.