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World trade grew more open while U.S. and China set records, Richard Baldwin notes

World trade grew more open while U.S. and China set records, Richard Baldwin notes
Global trade grew in 2025, records set

Richard Baldwin highlights that 2025 did not see the expected fragmentation of world trade despite geopolitical shocks. Instead, global trade became more open on average, with the U.S. trade deficit reaching an all-time high and China's goods exports hitting a record.

Baldwin has recently commented on other market shifts. He relayed Greg Ip's view that surging bond yields could have happened sooner, making deficit reduction less likely. The remarks come as markets react to fiscal and trade data from major economies.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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