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The ‘Year of the Tariff’ Gives Way to 2026 Worries of the Consequences

Global trade was resilient in 2025 amid rising tariffs, but the consequences await companies and consumers next year
Cranes unload shipping containers from a CMA CGM ship at the Port of Los Angeles in August.Photographer: Tim Rue/Bloomberg
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2026 will be the year the global economy learns to live with American protectionism, according to the latest analysis from Bloomberg Economics.

Shipping industry veteran John McCown framed it another way this week after US Trade Representative called 2025 “the year of the tariff:” “I believe 2026 will be the year of the tariff consequences,” McCown wrote in a LinkedIn post.