In this preview we outline some of the main changes to our forecast since our Global Outlook, Autumn 2025. In our Global Outlook, Winter 2025 we investigate the effect of US tariffs on US inflation and global trade We take a closer look at China using our revised and updated China Momentum Indicator (CMI), and consider China’s short- and long-term economic prospects, with Japan’s 1990 bubble burst as a reference point Meanwhile, we see that Japan is no longer ‘doing