汉斯Hines：2025年年中全球投资展望报告：覆水难收： 不确定性中的机遇（英文版）

While there are more questions than answers surrounding deglobalization and tariffs, one outcome that seems probable in Hines’ view at the midpoint of 2025 is that the tariffs will put upward pressure on inflation, particularly in the U.S. Afterall, one of the main drivers of low and steady inflation over the past forty years was globalization, as trade as a percentage of global GDP rose from 26% in 1970 to 63% in 2022.1 Globalization’s reversal is likely to drive the cost of goods higher, wh