Global trade is facing its most uncertain phase in over a decade, as the World Trade Organization (WTO) reports a dramatic increase in tariffs and restrictive trade measures in the latest Trade Monitoring Update. Covering the period from October 2024 to May 2025, the report reveals that $2.73 trillion worth of global merchandise trade has been affected - marking the highest level recorded in a single monitoring period since 2009.
Since 2009, the WTO has tracked a cumulative build-up of tariffs and trade barriers that have never been withdrawn. In recent years, these measures have consistently impacted between 10 percent and 12.5 percent of world imports. The WTO’s findings show a sharp jump to 19.4 percent as of mid-May, indicating a more deeply entrenched environment of protectionism and trade policy uncertainty.
Amid this increasingly uncertain environment, the WTO noted a renewed push for diplomacy and negotiated solutions, especially following a series of trade actions initiated by the US earlier in 2025. Despite escalating trade policy uncertainty, geopolitical tensions and regional conflicts, the WTO observed a positive shift in dialogue and intensified engagement among key trade partners.
The growth of global merchandise trade coverage affected by new tariffs from 2009 to 2025 can be seen below.
