How tariffs are (and are not) reshaping world trade
This Focus answers 10 questions about the tariff state of play, how trade flows are changing, and whether the resilience of world trade will last. Beyond our conclusion that trade will continue to grow at a decent pace in 2026, one of our key findings is that US tariffs are accelerating shifts in trade that were already underway owing to geoeconomic fracturing between the US and China.
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