When protectionist measures hit their highest levels in nearly a generation, many expected the global trading order to fracture entirely. Instead, something more complex unfolded: the system didn't collapse—it restructured itself.

Traders and investors watching this shift should pay attention. Tariff policies ripple through inflation expectations, currency valuations, and asset allocation strategies. From emerging market adaptations to supply chain realignment, here are six key developments reshaping how goods, capital, and value flow across borders—and what that means for your portfolio in an era of economic fragmentation.