NEW DELHI: As the world approaches the end of 2025, the year is likely to be remembered as a “tariff-ied” one from a global trade and economic perspective, while 2026 may emerge as a crucial year of transition, according to a report by HSBC Asset Management.

The report stated that 2025 marked a decisive shift toward higher tariffs and disrupted global supply chains, with countries adjusting to a new trade environment shaped by geopolitical developments.

It noted that 2026 may be the first full year in which . . .