News about global trade these days is all about tariffs, protectionism and uncertainty. There is considerable anxiety among businesses, consumers and public officials. But the world must remain calm and focused on the main objective: averting unproductive trade wars.
In fact, beyond the tariff-induced gloom, there are some bright spots. Global trade in services, for example, is booming. And there is a clear winner on this front: the United States.
Trade in services, especially finance, legal, entertainment and high-tech services, has quietly become a major source of U.S. economic strength. In 2023, U.S. services exports were worth more than $1 trillion, accounting for 13% of the global total, and they expanded a further 8% in 2024. The country runs a services trade surplus with most major economies, including key partners in Europe, Asia and the Americas, to the tune of nearly $300 billion in 2024. U.S. companies last year received more than $144 billion in intellectual-property royalties and licensing fees — much more than their global counterparts.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.