This page examines evolving global trade patterns due to tariffs and geopolitical tensions. On the left, we show the rise in U.S. tariffs on Chinese imports since 2018, which remain elevated. On the right, we illustrate the shift in U.S. trade partners, with increased imports from Mexico, Canada, and ASEAN countries, highlighting the trend of "nearshoring" and "friendshoring" as supply chains are reorganized. This shift presents opportunities for target countries, though their ability to capitalize on it requires their governments to enact policies to attract foreign investment.