Marc Sumerlin, Managing Partner at Evenflow Macro and former Deputy Director of the White House National Economic Council under President George W. Bush, joins Daleep Singh for a conversation about economic transformation on this episode of PGIM's The Outthinking Investor.

Daleep and Marc talk about macro shocks stemming from the Iran war, how U.S. budget deficits will influence policy rates and the economy, and the relationship between monetary and fiscal authorities in a new age of economic competition.

The discussion also covers:

• The impact of tariffs and AI on the labor market
• Monetary policy challenges when navigating an energy shock
• The future of the U.S.-China trade relationship

Daleep welcomed Kurt for an in-depth look at the U.S.-China relationship and the Iran war's implications for Asia-Pacific. Speaking in front of a live audience, they also discussed how geopolitical shifts are reshaping economies, strategic leverage lurking in critical supply chains, and the outlook for Japan.

Daleep Singh catches up with Brad Setser, Whitney Shepardson senior fellow at the Council on Foreign Relations and former senior adviser to the U.S. Trade Representative, to gather his perspectives on how entrenched imbalances are translating into strategic leverage between economic powers. They explore the world's financial plumbing, changes in trade and capital flows, and the implications for global markets.

In this episode, Daleep and Brad also discuss:

• Why the world may be re-globalizing rather than deglobalizing

• China's export-driven economy

• The interplay between global trade and currency markets

• The future of U.S. trade in North America and Europe

• The outlook in Japan