In April 2025, sweeping US tariffs jolted global markets, pushing average rates to their highest since 1934 and prompting sharp retaliatory moves from China. This sudden shift shattered trade norms, injecting major uncertainty into the global economy. As the IMF and WTO warn of stalled growth and a reset of rules-based trade, the world braces for lasting disruption. The next few months will be critical.

International Economics continues to provide clear, evidence-based insights on which countries and sectors are most affected and the way forward. Read more in-depth analysis in our latest CEO Insights, “How Reciprocal Tariffs Shook Global Markets.”