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By: Editorial Team, StoneX Media
Protectionism is no longer a background risk but an active force reshaping global trade relationships as of early 2026. Following renewed tariff threats and geopolitical posturing discussed at Davos, markets are beginning to price a gradual fragmentation of long-established trade routes. While equity indices have remained resilient, the underlying structure of global commerce is shifting away from seamless integration. These insights are drawn directly from a primary-source interview conducted during the Davos forum, offering a real-time view of how market participants interpret policy signals.
Alex Ridgers, StoneX Global Head of Retail Dealing Desk, oversees real-time risk management across global macro and multi-asset markets. His perspective is shaped by daily exposure to cross-border flows and client positioning, giving him a front-row view of how geopolitical shifts translate into trading behavior and capital allocation.
Protectionism is prompting European economies to reassess their exposure to U.S.-centric trade and services. Alex Ridgers notes that "we're beginning to see in the long term... this unwinding where up until now, countries have tried to satiate" U.S. policy pressure. This shift reflects a strategic decision to diversify trade relationships rather than rely on confrontation or concession. As a result, new regional and cross-bloc agreements are becoming a central feature of Europe’s trade strategy.
Global trade fragmentation is changing how investors assess geopolitical and economic risk. Ridgers highlights that nations are actively trying to "move around Trump and this sort of predatory leader" by forming alternative trade pathways. This behavior reduces the efficiency of global markets but increases resilience for individual blocs. Consequently, investors may need to reprice assets exposed to long supply chains and politically sensitive trade flows.
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--- Written by Frédéric Guétin, StoneX TV Producer
--- Expert: Alex Ridgers, StoneX Global Head of Retail Dealing Desk
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