The recent global trade landscape has been marked by significant tariff actions, notably by the United States, followed by a 90-day pause on additional tariffs for most countries, excluding China. This pause, announced around April 9, 2025, came after the U.S. had declared a base 10% tariff on imports from most nations, with higher tariffs on some.

The European Union, in response to U.S. tariffs on steel and aluminum, had prepared countermeasures but decided to pause them until July 14, 2025, to allow room for negotiations. This suspension covers approximately €21 billion of U.S. exports.

While this tariff pause offers a temporary reprieve, the long-term impact on global trade remains uncertain. The WTO suggests that global merchandise trade growth has already slowed and could decline further in 2025 if trade tensions re-escalate. Supply chain disruptions persist, and businesses are still assessing the impact on costs and competitiveness.