The year 2025 when everything changed in global capitalism

Vísir

Factuality

Ownership

In 2025, everything changed, and yet somehow nothing happened. The United States raised tariffs to their highest level in almost a century, China responded in kind, and uncertainty about global developments increased. Still, global economic growth is forecast at 3.2%, exactly what was expected a year before the uncertainty materialized. It would be a mistake, however, to think that the global economy will not suffer from tariff tensions and poli…