The global economy has experienced several shocks since Donald Trump returned to the White House, including trade wars, the Iran conflict, and a surge in oil prices. These developments have put pressure on the world's economic systems, though the global economy has not collapsed. Trump's economic policies have been a major topic in global media, and his announcement of "reciprocal" tariffs in April 2025 was widely covered, dominating news and specialist discussions for much of the year. Tariffs on goods entering the United States have fluctuated significantly, increasing from 2% to 24% before settling around 15%. Chinese products faced rates over 100% before dropping to 35%. Despite these high tariffs, world trade volume grew by 4.6% in 2025, outpacing global GDP growth of 2.9%, according to the World Trade Organization (WTO). However, this growth was accompanied by a shift in trade routes, with China's exports to the U.S. declining, while countries in Asia where Chinese companies are present saw increased exports. The U.S. trade deficit reached a record $124.1 billion in 2025, with the deficit with Vietnam, Taiwan, and Mexico surpassing that with China. The European Union's position has worsened, particularly due to the 15% tariff on its exports to the U.S., while American goods enter Europe duty-free. This imbalance has led to Europe becoming a key market for Chinese exporters. The Iran conflict, which Trump has been involved in, has disrupted global oil markets, with threats to close the Strait of Hormuz and the Bab al-Mandab Strait affecting the flow of oil. Although there have been recent discussions between the U.S. and Iran, oil prices remain above $100 per barrel, with potential for high winter gas prices. This has implications for diesel users, as Middle Eastern imports have dropped and Russian exports have halted, with Trump threatening to ban U.S. diesel exports. The rise in oil prices has stimulated the sale of electric vehicles but could lead to increased petroleum consumption if prices drop. This could affect inflation and interest rates, which have risen globally. In the U.S., the Federal Reserve has raised rates despite political pressure, stabilizing the 10-year Treasury rate at 5.11% on September 23. France, in particular, faces a challenging budget situation due to rising interest rates, with a 1.3 percentage point increase in 10-year state loan rates since February. This is attributed partly to global factors and partly to France's high debt and deficit. The U.S. public debt has exceeded $40.1 trillion, with forecasts indicating it may surpass 127% of GDP in 2026. Trump's policies, including the "reciprocal" tariffs, were intended to boost the U.S. Treasury but faced legal challenges, leading to $104 billion in reimbursements. The U.S. demand for capital has contributed to rising interest rates, with companies financing AI spending through bond issuances. Global economic growth, while resilient, faces uncertainty. The OECD forecasts global growth at 3.4% in 2025, 2.9% in 2026, and not exceeding 3% in 2027. These projections consider factors beyond U.S. policy, including China's growth slowdown. The WTO's director-general, Ngozi Okonjo-Iweala, noted that the global trading system is experiencing the most severe disruption in 80 years, with frequent changes in trade policies contributing to supply disruptions and uncertainty. The resolution of the Middle East conflict remains a critical factor for global economic prospects.