The report states that major U.S. companies and trading partners are struggling to adapt to the new global economy, and U.S. President Trump’s six-month “destructive trade policies” have unnerved business leaders and policymakers. U.S. allies, including Europe, are attempting to develop alternative trade relationships that bypass the U.S. market.
The United States’ role in the global economy is undergoing profound changes.
The report notes that U.S. tariffs are likely to remain at levels far higher than in previous decades. The United States’ role in the global economy is undergoing profound changes, which will impact the rest of the world. Former World Trade Organization Deputy Director-General Alan Wolff stated that the United States is no longer viewed as a leader in the world trading system, a fundamental shift.
The report also states that the unpredictability of U.S. policies is causing all businesses, including American ones, to reconsider their supply chains. Sebastien Breteau, CEO of Chima, a company that provides quality inspection and audit services to major global retailers, stated that a global trade landscape that excludes the United States is emerging.