2025 is coming to an end. If I had to describe this entire year of global trade and economics with one word, "roller coaster" would be the most fitting. Starting from January 20, a wave of tariff storms swept across the globe and never stopped for a moment. This year, we have witnessed the most thorough reshuffling of global trade rules since World War II.

Let's start with April 2 — the so-called "Liberation Day" in Trump's words. On this day, the United States officially imposed baseline tariffs on almost all imported goods. It sounds simple, but what does it mean behind the scenes? The "rule era" of global free trade has come to an end. Replacing it is naked "reciprocity" — how much you sell me, I sell you the same amount, with no room for negotiation.

Data speaks the loudest. According to Yale Budget Experiment Laboratory, the actual average tariff rate in the US skyrocketed from less than 3% at the end of 2024 to around 17% by the end of 2025. The doubling of this figure reflects how fierce this shift has been.

What did Trump do? He transformed tariffs from a traditional "defensive tool" into an "offensive weapon." Rather than trade protection, it was outright negotiation pressure. Through this extreme pressure, Washington managed to force Mexico, Canada, and even the EU back to the negotiation table within just a year, trying to squeeze more benefits from each country.

The game between China and the US has entered a new phase. Some call 2025 the "2.0 version" of the China-US trade war. If before it was piecemeal, now it is a comprehensive confrontation — extending from goods trade to technology, investment, and every corner of the industrial chain. This conflict is far more than just a bilateral issue; it is reshaping global supply chains, capital flows, and commodity prices.