The return of Donald Trump to the White House in 2025 led to a turbulent year for world trade, spooking the bond markets and sending global boardrooms scrambling to rejig their supply chains.
However, nearly 12 months on, the global trading system has proved to be resilient, with the massive imbalances caused by China’s manufacturing boom still plain to see.
After Trump’s dramatic “liberation day” tariffs rattled markets, the US president steadily backtracked on rates, eventually cutting face-saving deals with China and closing so-called napkin deals with the EU and countries such as Japan and South Korea.
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