Episode 36: 2025 in Review

Looking back on the year that has been, this episode looks at the key trade policy developments in 2025 – a year dominated by radical shifts in US trade policy.

Peter and Pru review some US trade data points to try and identify the impact of President Trump’s tariffs on trade and the extent to which what was predicted came to pass. They then turn to China’s response – the impact of US tariffs on China’s trade, Chinese leverage and the risks and opportunities the new trade context has created.

 Peter and Pru then delve into how other countries have responded and point to the lack of any joint action from countries seeking to push back against the US.

Australia’s response has focused on balancing our relationship with both the US and China while progressing domestic initiatives to bolster resilience. The discussion wraps up with a look at potential new US trade complaints about a number of Australian domestic policies in 2026.

From everyone at TPD – we wish you all a very Merry Christmas and a safe and prosperous New Year full of many more great TPD episodes!

Recorded on 22 December 2025