The writer is managing director and head of foreign exchange research for Central and eastern Europe, Middle East and Africa and Latin America for Deutsche Bank
Many emerging market investors started 2025 with a degree of trepidation. Middle income and developing economies had already been profoundly affected by the twin supply shocks of the Covid-19 pandemic and Russia’s invasion of Ukraine.
Now, the incoming Trump administration was promising a shake-up of the international trading system that could disproportionately hurt emerging markets that had benefited from the preceding three decades of growing global trade.
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