Emerging Markets Debt in a Trump 2.0 World

How can investors make sense of the macro and geopolitical headlines that are coming fast and furious? Ricardo Adrogue and Cem Karacadag join the Streaming Income podcast to help parse signal from noise.

Episode Segments

(02:32) – Rates, tariffs, oil, growth & what history tells us

(09:09) – Is the risk-free rate really risk free?

(10:48) – U.S exceptionalism or decadence?

(11:52) – How shifting global alliances are shaping the investment picture

(18:20) – Quantifying EM countries’ exposures to Trump’s policies

(21:05) – Did 2024’s “low quality” rally leave credit spreads too tight?

(25:56) – Why EM default risk looks lower in 2025

(30:09) – The bull cases for EM sovereign & local debt

(33:18) – The books & articles influencing Ricardo & Cem’s thinking

Books and Articles Mentioned in the Conversation:

• Why Nations Fail (Acemoglu, Robinson)
• Hoover (Whyte)
• The Road to Character (Brooks)
• Forget the US – Europe has successfully put tariffs on itself (Draghi)
• The real threat to American prosperity (Acemoglu)

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