Navigating the effects of trade protectionism
The world has entered a new phase of global trade where geopolitical competition shapes economic decisions, and tariffs are used as instruments of statecraft. The World Trade Organization must adapt to regain relevance and anchor global stability in a fragmented world.
Global trade has entered a new phase where geopolitical competition shapes economic decisions. Tariffs are no longer just economic tools, but instruments of statecraft with significant ripple effects. They affect the world in three ways: loss of predictability, increased costs, and fragmentation. Tariff wars force rapid restructuring, and governments reduce strategic dependencies. The World Trade Organization must adapt to regain relevance. It must restore trust, demonstrate its ability to write rules for today's economy, and modernize rules in a way that feels fair to all members.
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