Geopolitical tensions, economic uncertainties, trade frictions… Today’s macroeconomic environment raises three pressing questions:
- Geopolitical risk: Are we heading toward renewed escalation or a lasting truce between Washington and Beijing?
- United States: Is a recession looming, or are we witnessing a return of reflation?
- Europe: Can the recovery withstand US tariffs and Chinese dumping?
Watch Raphaël Gallardo, Chief Economist at Carmignac, share his answers.
The fourth TACO will be on Ukraine with US disengagement.
![[Management Team] [Author] Gallardo Raphaël](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Gallardo-Raphael.png?auto=format%2Ccompress&fit=fill&w=3840)
Raphaël Gallardo
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Video created on 18/09/2025.
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