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In this episode of Macro Meets Business: Insights from Wharton & Beyond, we explore one of the most consequential economic shifts unfolding today: the changing landscape of global trade. Over the past year, rising tariffs, geopolitical tensions, and policy uncertainty have raised fundamental questions about the future of globalization and the structure of international commerce. Joined by Michael Waugh, an economist and advisor at the Federal Reserve Bank of Minneapolis whose research examines trade policy, trade wars, and global macroeconomic dynamics, we unpack how international trade patterns have evolved and what recent policy shifts might mean for the global economy. We discuss how tariffs influence markets, supply chains, and investment decisions, and consider whether current developments signal a deeper restructuring of the global trading system. The conversation also looks forward. We explore whether the world may be entering a period of trade fragmentation, how uncertainty itself can shape global economic activity, and how emerging technologies such as artificial intelligence could alter the geography of production and trade in the years ahead. To round out the episode, our Student Voices segment turns to the same question from a student perspective. Hosted by Khlood Awan, the discussion features Tony Kim, who joins to reflect on how recent shifts in trade policy and global supply chains are shaping the future of international commerce. Their conversation explores how rising tariffs, technological change, and geopolitical tensions are influencing the next generation’s view of globalization and the evolving global economy. Whether you are interested in global markets, economic policy, or the forces shaping the next phase of globalization, this episode provides a clear and thoughtful look at how international trade is evolving in real time. Click here to check out the Trade War Tracker: https://www.tradewartracker.com/