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Don’t be fooled – everything has changed for the global economy
Damage caused by US tariffs could show up in 2026.
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It would be a mistake to think the global economy is unaffected by tariff fights and policy chaos.
ST PHOTO: LIM YAOHUI
Gita Gopinath
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2025 was a year when everything changed – yet, somehow, nothing did. The US raised tariffs to their highest level in almost a century
And still, global growth is projected at 3.2 per cent, exactly what forecasters expected a year earlier when none of this turbulence was on the horizon.
