UN Says Global Trade Showed Unexpected Resilience Despite Tariffs

The global trading system has proven more resilient than expected despite tariff-related uncertainty, says Ingo Pitterle, Senior Economist at the UN’s Department of Economic and Social Affairs (UN DESA). According to the UN’s latest assessment, stronger-than-anticipated frontloading of trade and inventory effects supported global trade and economic activity in the first half of the year. However, elevated uncertainty from tariffs continues to weigh on investment, and global trade growth is expected to slow in 2026 as these temporary effects fade.