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Trump's tariffs have drastically altered global trade, diverting billions in exports originally destined for the U.S. The increased tariffs, particularly against China, exceeding 100% in some cases, have forced a redirection of goods, potentially flooding other markets. This 'Great Trade Diversion' mirrors the 1930s Smoot-Hawley Tariff Act, risking a similar collapse in global trade through retaliatory protectionism. Weakened international trade rules and existing anxieties about Chinese overcapacity exacerbate the situation, pushing the global economy toward a crossroads: international cooperation or a protectionist cascade.

Prepared by Christopher Adams and reviewed by editorial team.