The return of U.S. President Donald Trump to the White House in January kicked off a hectic year for global trade, with waves of tariffs on Washington's major trading partners that lifted import taxes to their highest since the Great Depression, while disrupting financial markets and sparking rounds of negotiations over trade and investment β deals.
His trade policies, and the global reaction to them, are expected remain front and center in 2026, but also face some hefty challenges.
What happened in 2025
Trump's moves, aimed broadly at reviving a declining manufacturing base, lifted the average tariff βrate to nearly 17% from less than 3% at the end of β2024, according to Yale Budget Lab, and the levies are now generating roughly $30 billion a month of revenue for the U.S.
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