From April's "Liberation Day" to the end of the year, tariff changes have produced distinct winners and losers, along with a long list of countries still under close examination. Some nations hit hardest by the tariffs have managed to mitigate the impact by shifting supply chains and negotiating strategic side agreements. As global trade patterns adjust, new beneficiaries are starting to emerge. The wave of bilateral agreements expected in 2026 could once again alter the global landscape. Andrea Heng and Susan Ng discuss the year's developments with Chris Humphrey, Executive Director of the EU-Asean Business Council.