22 May 2025

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Home / White Papers 2025

The New Global Order: Implications for Investors

Epoch Investment Partners
22 May 2025

by Kevin Hebner, PhD, Managing Director, Global Investment Strategist, TD Epoch

The new global order differs from its predecessor in four ways. First, for decades, the U.S. has been unrivalled in all three domains of power: economic strength, technological prowess, and defense capabilities. However, with the ascendance of China, we have entered into a bipolar era.

Second, the new order is characterized by tariffs and trade wars rather than free trade and hyper-globalization. Third, it features rising geopolitical tensions superseding the protracted era of Pax Americana. Finally, America First and populist nationalism has supplanted the rules-based, multilateral approach that relied on trust in the WTO, IMF, World Bank, UN, and NATO.

Download the full paper

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The New Global Order: Implications for Investors