PANews January 9 report, UBS Group Chief Economist Arend Kapteyn stated that tariffs are the biggest risk facing the global economic outlook. UBS predicts that global economic growth will slow from about 3.2% in 2024 to 2.9% this year. If Trump continues to implement the tariff policies he proposed during his campaign, this could bring 'the level of trade restrictions in the United States back to a level we have not seen since the mid-1930s.' He added, 'If these tariffs are indeed imposed, our forecasts may carry a lot of additional downside risks.' However, Kapteyn is skeptical about whether global tariffs will be implemented, as this is legally complicated.