We have detected that fraudulent individuals are misusing the "DWS" trademark and the names of DWS employees on the internet and social media. These fraudsters are operating fake websites, Facebook pages, and WhatsApp groups. Please be aware that DWS does not have any Facebook Ambassador profiles or WhatsApp chats. If you receive any unexpected calls, messages, or emails claiming to be from DWS, exercise caution and do not make any payments or disclose personal information. We encourage you to report any suspicious activity to info@dws.com, including any relevant documents and the original fraudulent email. Additionally, if you believe you have been a victim of fraud, please notify your local authorities and take steps to protect yourself.

Frank Kelly’s Geopolitical Week Ahead | April 13, 2025

4/13/2025

Trump’s tariffs continue to dominate markets and geopolitics, Chinese President Xi embarks on Asia tour, the ECB decides on interest rates, and Fed Chair Powell speaks on the economic outlook

Francis (Frank) J. Kelly

Founder & Managing Partner, Fulcrum Macro Advisors LLC and Senior Political Strategist for DWS

Trump’s tariffs continue to dominate markets and geopolitics
Chinese President Xi embarks on Asia tour
Global economic radar screen: ECB decides on interest rates & Fed Chair Powell speaks on the economic outlook

Trump’s tariffs continue to dominate markets and geopolitics
It was another wild week for global markets in the wake of President Trump’s global tariff plan after he called a 90-day time-out on their implementation while raising tariffs on China to 145%.

While this coming week would normally be a quiet week for markets in advance of the Easter holiday, everyone is bracing for another wild week of high-level bilateral meetings and likely new announcements.

Drilling into the week, we are going to be watching:
U.S./Italy - The meeting between Italian Prime Minister Giorgia Meloni and President Trump on Thursday to discuss prospects for a trade deal with the EU.
U.S./UK - Additionally, we note there are unconfirmed reports U.S. Treasury Scott Bessent may meet with UK Finance Minister Rachel Reeves this week, too, to discuss a possible U.S.-UK trade deal.
Argentina - Bessent is scheduled to travel to Argentina on Monday to meet with President Javier Milei as Argentia is likely to sign a new deal with the IMF on financing assistance, further boosting Milei’s economic reform policies.

Chinese President Xi embarks on Asia tour
While all this going on, Chinese President Xi Jinping will travel to Vietnam, Malaysia, and Cambodia for his first foreign visits of the year. Trade relations are expected to be the primary point of discussion in the wake of the Trump tariffs – especially on Vietnam and Cambodia which got hit with tariffs of 46% and 49% respectively.

Global economic radar screen
Looking at the global economic radar screen for the coming week, it will be a relatively light economic reporting week.

Markets, however, will be most focused on central bank decisions coming from the European Central Bank and the Bank of Canada.
In the U.S., we will see the release of Q1 gross domestic product (GDP), retail sales figures, industrial production for March and jobless claims on Friday.
But perhaps the most keenly watched economic data point this week will be Federal Reserve Board Chair Jay Powell’s speech at the Economic Club of Chicago on Wednesday as well as speech by a number of regional Federal Reserve Presidents.

Additional resources

Podcasts and Webinars

Join us for first-hand discussions about current developments and evolving strategies.

Francis (Frank) J. Kelly

Frank is the Founder and Managing Partner of Fulcrum Macro Advisors LLC, a political risk advisory firm based in Washington, DC. He is the senior political strategist for DWS.

Important Information
The opinions and forecasts expressed are those of Frank Kelly as of the date of this publication and may not come to pass.

This information is subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any specific security.

Environmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially con-scious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); So-cial (how a company manages relationships with employees, suppliers, customers, and communities); Governance (compa-ny’s leadership, executive pay, shareholder rights, etc.)

Investing in securities that meet ESG criteria may result in foregoing otherwise attractive opportunities, which may result in underperformance when compared to products that do not consider ESG factors.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investments.

For Investors in Canada: No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein and any representation to the contrary is an offence. This document is intended for discussion purposes only and does not create any legally binding obligations on the part of DWS Group. Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DWS Group is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully under-stand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transac-tion with DWS Group you do so in reliance on your own judgment. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assump-tions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

105486-1 (4/2025) (04/2026)

This website is intended to be a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investment.

Obtain a prospectus
Carefully consider the fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the fund's prospectus. To obtain a mutual fund summary prospectus, if available, or prospectus, call (800) 728-3337 or download one here. To obtain an ETF prospectus call (844) 851-4255 or download one here. To obtain the RREEF Property Trust prospectus, download one here. Read the prospectus carefully before investing.

Investing involves risk including loss of principal. Stocks may decline in value. Bond investments are subject to interest-rate, credit, liquidity, and market risks to varying degrees. When interest rates rise, bond prices generally fall. You cannot invest directly in an index. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Performance of a fund may diverge from that of an underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. There are additional risks associated with investing in high-yield bonds, aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the applicable prospectus for more information.

Shares of exchange traded funds (ETFs) are bought and sold at market price (not NAV) throughout the day on the Fund’s Primary Listing Exchange. There can be no assurance that an active trading market for shares of a fund will develop or be maintained. Transactions in shares of ETFs will result in Brokerage commissions and will generate tax consequences. There are risks associated with investing, including possible loss of principal.

Shares of ETFs may be sold throughout the day on the exchange through any brokerage account. However, shares may only be purchased and redeemed directly from the funds by authorized participants in very large creation/redemption units. There is no assurance that an active trading market for shares of an ETF will develop or be maintained.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

Xtrackers ETFs ("ETFs") are managed by DBX Advisors LLC (the "Adviser"), and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of DWS Group GmbH & Co. KGaA, and is not affiliated with ALPS.

XtrackersTM is a trademark of DWS Group. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms & Conditions of Use.

Important information – U.S.

DWS does not render legal or tax advice, and the information contained in this communication should not be regarded as such. The comments, opinions and estimates contained herein are based on or derived from publicly available information from sources that we believe to be reliable. We do not guarantee their accuracy. This material is for informational purposes only and sets forth our views as of this date. The underlying assumptions and these views are subject to change without notice.

For institutional client and registered representative use only. Not for public viewing or distribution.

Past performance is not indicative of future returns. No assurance can be made that investment objectives will be achieved.

To obtain a summary prospectus, if available, or prospectus, for Institutional money market funds distributed by DWS Distributors, Inc., download one now or call Institutional Investor Services at (800) 730-1313, Monday through Friday, 8:30 am to 6:00 pm ET. We advise you to carefully consider the product's objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this information and other important information about the investment product, including management fees and expenses. Please read the prospectus carefully before you invest or send money.

Forecasts are based on assumptions, estimates, opinions and hypothetical models that may prove to be incorrect. Investments come with risk. The value of an investment can fall as well as rise and your capital may be at risk. You might not get back the amount originally invested at any point in time.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries, such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services.

Certain DWS products and services may not be available in every region or country for legal or other reasons, and information about these products or services is not directed to those investors residing or located in any such region or country.

DWS Distributors, Inc. Member FINRA FINRA BrokerCheck

Frank Kelly’s Geopolitical Week Ahead | April 13, 2025

Additional resources

Quick Access

Topic

More DWS

Select your role

Cookies Policy