Global trade recovered about USD 300 billion in the first half of 2025, driven by the strong pull of imports from the U.S. and exports from the EU. However, the persistent uncertainty over new U.S. tariffs is causing business caution, especially in investment and employment. At the same time, the weakness of the dollar against the euro and a new push for diversified trade alliances are reconfiguring global supply chains. Finally, G20 leaders and the Bank of England emphasize the urgent need for multilateral cooperation to stabilize economic imbalances and contain geopolitical risks.