17
Dec
Tariffs and trade disruptions dominated headlines in 2025. European firms rely heavily on global trade – it represents about half of EU output. Despite that, European businesses are not radically overhauling their globalised approach. Instead, they are investing to make their supply chains more efficient and resilient.
US firms are a different story. While they rely less on global trade (it represents roughly one-quarter of output), new tariffs caused them to reduce imports and diversify the countries they import from....