PANews reported on January 9 that Arend Kapteyn, chief economist of UBS Group, said that tariffs are the biggest risk to the global economic outlook. UBS predicts that global economic growth will slow to 2.9% this year from about 3.2% in 2024. If Trump continues to implement the tariff policy he proposed during his campaign, this could bring "the level of U.S. trade restrictions back to levels we haven't seen since the mid-1930s." He added: "If these tariffs are actually imposed, there may be a lot of additional downside risks to our forecasts." However, Kapteyn is skeptical about whether global tariffs will be implemented because it is tricky at the legal level.