Global trade policy intervention reaches an all-time high in early 2026, driven by protectionist measures and subsidies.

New data from the World Trade Organization (WTO) and the International Monetary Fund (IMF) reveals that global trade policy activity from January to May 2026 nearly doubled 2024 levels, marking the highest peak since the 2008 Financial Crisis. This surge is primarily driven by restrictive measures like tariff hikes and import bans, as well as subsidies, with trade-easing measures losing momentum. The US is imposing sweeping new Section 301 tariffs, escalating ongoing trade disputes.