In this video, Eric Lascelles provides an overview on the key forces shaping the global economy. He begins with the U.S.-Canada trade war, explaining how escalating tariff levels are creating growth headwinds, particularly for Canada, while inflation and interest rate pressures add further drag. He then turns to the ongoing U.S.-Iran conflict and its disruptive impact on global oil markets and energy prices, before exploring the remarkable AI investment boom, drawing historical parallels to past technology-driven investment cycles and assessing which players stand to benefit. Eric also provides an optimistic view on AI-driven productivity gains, citing evidence that the U.S. is already seeing faster-than-normal productivity growth, and a long-term outlook on China, where tentative housing market green shoots, policy action, and rapid technological innovation suggest a long runway of growth ahead.