UBS outlines a potential new trade war timeline for 2025, divided into phases: the "tweet phase" is ongoing, followed by the "imposition phase" starting in Q1, where tariffs will be legally prepared, and the "impact phase" from Q2, affecting trade volumes and economic growth. Ongoing negotiations are expected, with global market responses shaping the conflict's trajectory. Emerging market currencies, particularly the yuan, may face volatility, while extensive tariffs could risk stagflation, although moderate inflation is anticipated.