Mark Dowding, BlueBay Chief Investment Officer at RBC GAM, discusses the latest macro trends and our forward-looking views in a monthly webinar. Key Points The US administration aiming to level the playing field and bring money back home with its tariffs policy. European policy makers turning to fiscal easing measures as US exceptionalism fades. Inflation still an issue for the un-productive UK economy. Impressive productivity growth in Japan with an efficient use of labour.