Macro Research Report
Tariffs, Tensions, and Power Shifts: Trade in the New Global Equilibrium
Summary
The “Liberation Day” was a shocking moment for the entire world economy, marked by the United States — the world’s largest importing economy — threatening to impose high tariffs on almost all trading partners.
This announcement triggered a reallocation of global trade flows, particularly a shift away from China toward Southeast Asia, the Middle East, and other Asian economies. This reconfiguration was already underway, but President Trump’s decision significantly accelerated the process.
In this report, we analyse the impact of this policy on global trade, the U.S. economy, and the wider international system.
Authors
- Khai Mai CaoGroup Leader
- Alessandro PaganGroup Leader
- Siddhanth Narayana AchantaMacro Research Analyst
- Giovanni LacoppolaMacro Research Analyst
- Merve AbaciMacro Research Analyst
- Pramit Priyam SahaMacro Research Analyst
- Simona NeculaMacro Research Analyst
- Xinjie Sophia WuMacro Research Analyst
- Matthew WalzerMacro Research Analyst
- Giovanni FrancescatoMacro Research Analyst
- Niccolò RotondiMacro Research Analyst
Details
- Published
- 2 December 2025
- Division
- Macro Research
- Type
- Macro Research Report
- Pages
- 13
- Authors
- 11
Cite this report
Minerva Investment Management Society (2025). Tariffs, Tensions, and Power Shifts: Trade in the New Global Equilibrium. Macro Research. https://minervaims.org/archive/tariffs-tensions-and-power-shifts-trade-in-the-new-global-equilibrium-2025
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