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 proposed during his campaign, it could bring 'the level of trade restrictions in the U.S. back to levels we haven't seen since the mid-1930s.' He added, 'If these tariffs are indeed imposed, our forecasts may face many additional downside risks.' However, Kapteyn is skeptical about whether global tariffs will be implemented, as it is legally complicated. (Jinshi)