安联Allianz：2025年古老的贸易路线与新的贸易战争？（英文版）

In a world divided by geopolitics, protectionism and the effects of climate change, global trade is forging new paths. Commerce is increasingly taking place between geopolitically aligned economies, with the US moving imports away from China, the EU sharply cutting trade with Russia and China’s trade now dominated by developing economies in Asia, Latin America and Africa. A +10% rise in geopolitical distance reduces bilateral trade by -2%, underscoring the importance of political alignment an