资本集团Capital Group：2025年年中投资展望报告：长期视角下的市场与经济分析（英文版）

There are many ways to describe the outlook for the US and world economies. But at the midpoint of 2025, one word has risen to the top of the lexicon: uncertainty. A lack of clarity over US trade policy — with rising tariffs at the centre of the storm — has delivered a severe shock to the global economy. For the first time since 2022, US gross domestic product (GDP) in the first quarter declined. Some companies stopped issuing forward guidance. Capital expenditures have been delayed. Cargo vo