Trade Didn’t Crack—It Shifted
Taiwan
The world braced for a Washington-made rupture last year. Trade held up, while China flooded many regions with its exports. The world entered 2025 expecting a trade shock stamped “Made in Washington.” US President Donald Trump vowed to shrink chronic deficits and pledged a tariff-driven reset that would force companies—and trading partners—into new lanes. The shock never fully arrived. Global commerce kept moving, prices for traded goods didn’t spiral, and exemptions and carve-outs softened the
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