A significant increase in new tariffs and the share of world trade impacted by them has contributed to a volatile and unpredictable global trade environment, according to the World Trade Organization (WTO) Secretariat’s latest Trade Monitoring Update. Released today, the mid-year report covers trade and trade-related policy developments from mid-October 2024 to mid-May 2025.
The update reveals a dramatic shift in the global trading environment, with the value of global merchandise trade covered by new tariffs and similar measures implemented during the seven-month review period soaring to an estimated US$2,732.7 billion. This figure is more than triple the US$887.6 billion reported in the previous 12-month period and represents the highest level of trade coverage by new measures recorded since the WTO Secretariat began monitoring in 2009.
“This Trade Monitoring Update reflects the disruptions we have been seeing in the global trading environment, with a sharp increase in tariffs,” said WTO Director-General Ngozi Okonjo-Iweala. “Only six months ago, about 12.5% of world merchandise imports were impacted by such measures that had accumulated since 2009. That share has now jumped to 19.4%.”
The report highlights that many trade measures introduced since 2009 have remained in place, leading to a growing stockpile that historically affected between 10% and 12.5% of world merchandise imports. The latest estimates show this figure has now risen significantly to 19.4% as of mid-May 2025.
Despite this backdrop of trade policy uncertainty, geopolitical tensions, and regional conflicts, the report also notes encouraging signs of intensifying engagement in pursuit of negotiated solutions to trade-related differences. Following a series of trade actions by the United States since early 2025, there has been increased dialogue and intense efforts to find resolutions. This includes the US-China agreement reached on May 14, 2025, in Geneva, which curtailed certain mutual tariff hikes, and subsequent talks in London on June 11. Additionally, the United States and the United Kingdom announced a deal on May 8, with implementation details following on June 16.
Director-General Okonjo-Iweala emphasized, “Yet amid the current trade crisis, we see encouraging signs of dialogue in pursuit of negotiated solutions. I urge WTO members to keep engaging to lower the temperature, to push for WTO-consistent approaches, and most fundamentally, to address the underlying problems by delivering on deep WTO reform.”
The Update also acknowledges that despite the challenging economic and trade policy environment, many members continue their efforts to facilitate trade, including in services.
