“When Donald Trump ran and won in 2024 on a campaign to “make America Great Again” by building a tariff wall around the US, very few voices rose to defend free trade, outside of international organisations whose creed it is to defend it. After “Liberation Day”, economic forecasters braced themselves for a global trade war. But nothing of the sort happened. Instead, 2025 ended up being an all-time record year for trade liberalisation measures. 2026 is not even twomonth-old and has already seen several giga-trade deals signed, two of which by India, one of the countries with the highest tariffs in the world, and there are more signs that the tide is turning. Yet, looking more closely, this is more than a pendulum shift: unlike in the earlier waves of trade liberalisation, the goal is not just “more trade” but “smarter trade”, preserving the gains and reducing the losses from earlier waves. This is good news for the global economy.”
Morten W. Langer
