The outcome of Ecuador's presidential run-off will determine the risk of gridlock, social spending levels, debt risks and efforts to combat violent crime; as both candidates have left the door open to disputing the outcome, a political crisis is also possible

If the 46% U.S. tariff on Vietnamese goods remains in place, it will quickly destabilize the country's export-reliant economy, creating substantial risks that could compel Hanoi to deepen its reliance on China.

Rising tensions between the U.S., Israel and Iran are increasing the risk of direct strikes on Iranian territory and potential retaliation in the Strait of Hormuz, threatening to disrupt global oil flows and destabilize energy markets.

Rather than sparking a manufacturing renaissance, Trump's tariff policy threatens to undermine U.S. economic competitiveness for years to come.