RBC：2025年外汇展望：全球货币市场分析与趋势报告（英文版）

2025 is set to be an interesting year as Trump takes office onJanuary 20, promising to deliver big policy changes in the Us.The incoming administration is clearly much better-prepared to assume power than it was in 2016. Earlyappointments point to a desire to hit the ground running onat least three main pillars of change:(1) deregulation,(2)tariffs, (3)immigration. We struggle, as everyone does, toknow what portion of Trump rhetoric we should bake intoour outlook. As former Canadian Prime Min