Global trade is hitting a crossroads. The multilateral relationships and rules-based systems that once anchored the world economy are fracturing—and the U.S. isn't immune to this erosion.

What's the fallout? Less free trade. Way less. What we're seeing instead is a surge in tariff-driven trade, more restrictions, more barriers. The open trade environment that fueled growth for decades is basically being dismantled.

This shift matters big time for markets. When trade flows get restricted and tariffs spike, capital gets repriced. Asset allocation changes. The macro backdrop for risk assets fundamentally shifts. That's the environment we're operating in now—one where protectionism isn't the exception, it's becoming the norm.