Trade is changing — and Davos 2026 made it clear. Here are 10 insights

Trade took centre stage at the World Economic Forum Annual Meeting 2026 in Davos, Switzerland, as heads of state and government joined chief executives, policymakers and civil society leaders to address growing tensions in the global trading system.

Here are 10 takeaways on trade.

Heading into Davos, US President Donald Trump threatened new tariffs on eight European countries resisting his proposal to acquire Greenland. The proposed measures were dropped following a meeting with NATO Secretary General Mark Rutte.

The episode unsettled financial markets, and many Annual Meeting experts expect trade measures to continue being used for non-economic objectives.

The global trade landscape entering the second quarter of the twenty-first century will look markedly different from that of the first. Speakers signalled trade shifts currently under way are structural, not cyclical.

“Let me be direct. We are in the midst of a rupture, not a transition,” said Canadian Prime Minister Mark Carney. “We have a recognition of what's happening and a determination to act accordingly. We understand that this rupture calls for more than adaptation. It calls for honesty about the world as it is.”

Still, speakers signalled that trade will continue, albeit through different mechanisms, noting that trade has proved resilient in the last year with continued growth.

“We have always traded and we will always trade. Trade is like a river, water. You put an obstacle, it goes around it,” said Kristalina Georgieva, Managing Director of the International Monetary Fund.

A freshly inked EU-Mercosur trade deal highlighted how economies are seeking new forms of cooperation. In Davos, European Commissioner President Ursula von der Leyen hinted at the “mother of all deals” around the corner between the EU and India.

As these deals move forward, companies will need to map new opportunities and build capacity to navigate new terms of trade.

A recent World Economic Forum report, Building Geopolitical Muscle: How Companies Turn Insights into Strategic Advantage, found that only 20% of companies interviewed have a geopolitical function reporting to business leadership.

New government interventions in the economy were 262% higher in 2025 than in 2019. The increase was driven by economic security, employment, technology and sustainability considerations.

Leaders in Davos noted that while industrial policy is increasingly needed, negative spillover effects and distortions are unchecked. Business input is therefore needed in design to avoid unintended consequences.

“Protection doesn’t mean protectionism,” said French President Emmanuel Macron.

In era of shifting alliances, the most resilient strategy is to diversify as over-reliance on one partner is a vulnerability.

In Davos, during the closing session on the global economic outlook, World Trade Organization Director General Ngozi Okonjo-Iweala cautioned that countries need to better manage their dependencies, and must ensure trade diversity.

Meanwhile, Indonesian President Prabowo Subianto affirmed that trade integration, when done fairly, is not a threat to national security but rather a tool for prosperity.

Critical minerals are driving a global scramble for materials. Yet new forms of cooperation are emerging in this area, too.

Boitumelo Mosako, CEO of the Development Bank of Southern Africa, highlighted global partnership has supported the development of the the Lobito Corridor, which runs throuh Angola, the Democratic Republic of Congo and Zambia and is an important transport route for copper and cobalt.

The Forum is expanding its efforts on critical minerals dialogue in collaboration with the Kingdom of Saudi Arabia.

Commentators noted that trade tensions have not majorly impacted services trade, which include the global digital economy, tourism and online services, among others. Experts urged continued cooperation to reduce services trade barriers as a motor for growth.

The Forum’s Streamlining Services Initiative supports countries and companies in reducing barriers to trade in services.

Even as trade politics will likely remain complex, digital tools can make trade faster and cheaper. AI, digitalization and data-driven systems can act as powerful equalizers, particularly for SMEs and middle economies, and can democratize access to trade if deployed well.

The Forum launched a report on the TradeTech Paradox to help map opportunities in this space.

Participants recognised trade facilitation as a strategic tool for resilience when faced with fragmentation and supply chain shocks.

Having recently celebrated its tenth anniversary, the Global Alliance for Trade Facilitation’s mission remains as relevant, if not more, today than 10 years ago.

Security planning featured across many discussions. Supply chain leaders recognised the need for risk-management and scenario building to ensure system readiness.

Tariff changes may be disruptive, but they are clear. Businesses are far less certain about how “national security” is being applied to the economy and are asking for more clarity on its definition and scope.