法国兴业银行：2025年新的全球贸易秩序：领先者与落后者报告（英文版）

The Trump 2.0 trade policies are driving profound shifls in glob al trade, likely more impactful thanthose since the "Tariff Era' began in 2018. While these changes are hard to predict, this reportcombines analysis from SG economists and stralegists with insights from Bernstein andAutonomous an alysts to examine the implicafions of a new global trade order. We also introducetwo the mafic stock baskets: the SG New Global Trade Order Leaders and Laggards.

A New Global Trade Order