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China trade council: July global trade friction index stays elevated at 101

China’s Council for the Promotion of International Trade said the global trade friction index stood at 101 in July 2026, remaining at a high level. The value of trade measures involved fell 18.7% year-on-year and 2.2% month-on-month, as US, EU and Indian tariff moves a year earlier had pushed the index up. Trade remedy investigations worldwide dropped to 17 in July from 68 in June.

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AI take

The headline number masks a sharp turn: trade remedy investigations collapsing from 68 to 17 in a single month suggests the tariff wave that lifted this index is receding, and the year-on-year drop in the value of measures involved points the same way. The index staying above 100 is largely a base effect from last year's US, EU and Indian actions rather than fresh friction. For cross-border and RWA-facing businesses, the open question is whether this cooling is a durable pause or a lull before a new round of measures.

Generated by AI for reference only.

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