General Overview The macroeconomic environment in the third quarter of 2025 showed clear signs of fragility. The main economic blocs slowed, and in July, the International Monetary Fund revised global economic growth down to 3%. The main drivers of this slowdown are the persistence of trade tensions and the continuation of relatively restrictive monetary policies. In the United States, the Federal Reserve maintained a cautious stance, also due to the impact of new import tari

General Overview Tariffs, tariffs, and more tariffs. The second quarter was dominated by threats and economic policy measures that sparked a full-blown trade war between the United States and many of the world’s major economies. A “war,” in fact, that adds to those conflicts that have been reshaping global geopolitical dynamics for years. The quarter opened with the newly elected U.S. President announcing on April 2, “Liberation Day”, the imposition of outdated customs tariff