Here are three features of a global trading system in flux heading into 2026.
US President Donald Trump departs following an event in Rocky Mount, North Carolina, US, on Friday, Dec. 19, 2025. Trump began a rally Friday night in North Carolina talking about crime and then highlighted his efforts to combat economic uncertainty - while also steering clear of addressing new disclosures involving the convicted sex offender Jeffrey Epstein. Photographer: Cornell Watson/Bloomberg
Myriad questions surround Trump’s goal of global AI dominance
Senator Ted Cruz, a Republican from Texas, from left, US President Donald Trump, and Howard Lutnick, US commerce secretary, in the Oval Office of the White House in Washington, DC, US, on Thursday, Dec. 11, 2025. Trump signed an order aimed at thwarting state-level regulation of artificial intelligence, handing a policy win to tech industry leaders who've pressed for preemption of local rules. Photographer: Shawn Thew/EPA/Bloomberg
At the heart of Trump’s national-security policy is a race for economic survival that extends far beyond the US
US President Donald Trump, left, and Pete Hegseth, US secretary of defense, during a cabinet meeting at the White House in Washington, DC, US, on Tuesday, Dec. 2, 2025. US President Donald Trump said he plans to announce his selection to lead the Federal Reserve in early 2026, fueling further speculation about the next leader of the US central bank. Photographer: Yuri Gripas/CNP/Bloomberg
The White House lists nearly $9.6 trillion in new investment pledges, less than what’s boasted by Trump.
US President Donald Trump, front left, and Sanae Takaichi, Japan's prime minister, front right, during a bilateral meeting at the Akasaka Palace state guest house in Tokyo, Japan, on Tuesday, Oct. 28, 2025. Trump hailed the US's alliance with Japan, reaffirming ties with a longstanding partner and praising Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo. Photographer: Franck Robichon/EPA/Bloomberg
Trump still has tariffs on foreign-made machines needed to fuel a US factory revival
US President Donald Trump walks on the South Lawn of the White House after arriving on Marine One in Washington, DC, US, on Saturday, Nov. 22, 2025. US officials are having early discussions on whether to let Nvidia Corp. sell its H200 artificial intelligence chips to China, according to people familiar with the matter, a contentious potential move that would mark a major win for the world's most valuable company. Photographer: Graeme Sloan/Bloomberg
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