Two major areas that will occupy investors' mind space in 2025 will be the presidency of Donald Trump and the state of China's economy, according to George Maris, chief investment officer and global head of equities at Principal Asset Management. The policies of the incoming Trump administration will likely drive the outlook for growth and inflation in 2025 in Asia, according to Nomura. "We expect a ramp-up in tariffs early next year that leads to a pickup in inflation and slower investment growth." Nomura said that higher tariffs and trade barriers would mean weaker exports from Asia. Increased uncertainty and tit-for-tat retaliation might delay business investment in the region.