New Order in Global Trade Has Three Key Features: Supply Lines

This has been a monumental year for global trade and geoeconomics. The world’s economic relationships are being rewritten. An old order is dying even as it’s unclear what will replace it.

Lots of lessons were learned in 2025. But here are three takeaway thoughts that will likely be shaping the year ahead.

SLOWER GROWTH IS THE REAL TARIFF STORY AND IT’S NOT OVER

For much of 2025 economic discussions about the impact of Trump’s tariffs were focused on inflation and prices. They really should have focused more on growth.

The biggest – and hardest to quantify – impact of ...