三菱日联银行（MUFG）：2025年第三季度全球经济展望报告（英文版）

The central theme of the last quarter has been resilience. The global economy has so far weathered the shift in US tariffs relatively well, despite the direct impact on export demand and broader challenges stemming from uncertainty and policy volatility. While valid questions remain about the future direction of US trade policy, a more stable equilibrium appears to have emerged following the 2 April ‘Liberation Day’ shift and the subsequent fallout and negotiations. Our current outlook assume