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Maritime nations agreed July 7 to slash emissions from the shipping industry to net zero by about 2050 in a deal that several experts and nations say falls short of what’s needed.

The global trading system is undergoing tectonic shifts spurred by shortages, price spikes and shipping disruptions that will reorient international supply chains for decades to come.

A.P. Moller-Maersk A/S said “muted” economic growth is set to push the world’s container shipping volumes down by as much as 2.5% this year.

Since 2020, a pandemic-fueled supply crunch, Russia’s war with Ukraine, and a deepening rift in the U.S.-China trade relationship have hammered home the idea that the world needs more resilient trade networks.

The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a U.N. report that signaled a slowdown heading into 2023.

A trade dispute resolution panel sided with Mexico and Canada over the U.S. on rules for cars shipped across regional borders, potentially giving more incentive to make auto parts in those nations.

President Joe Biden ordered broad new sanctions targeting Russia on Feb. 24 after its invasion of Ukraine, declaring that Russian leader Vladimir Putin “chose this war” and his country will bear the consequences.

Canada’s trade sector unexpectedly recorded its largest surplus in more than six years on across-the-board increases in exports.

The United States has become overly reliant on Chinese goods and services, including face masks, medical gowns and other protective equipment designed to curb the spread of the coronavirus, Attorney General William Barr said July 16.

President Donald Trump’s administration signaled talks with China over the first phase of a broad trade agreement are entering the final stages when the most contentious and complex issues are debated, with no guarantee that another breakdown will be averted.