Allianz安联：2025年行业图谱：贸易战终归是行业之战报告（英文版）

US tariffs are reshaping supply chains, prompting retaliation and heightening uncertainty. Companies will continue to adapt as the trade war is here to stay. Ongoing trade tensions, coupled with the need for fiscal consolidation in many countries, will continue to weigh on the economy and affect sectors differently. Despite deals and moratoriums over the summer, competition for manufacturing capacity remains a high priority for governments across the US, Europe and Asia. Moreover, geopolitica