Last year we predicted an increased demand for political risk and trade credit insurance in light of escalating global tensions. This has proved accurate, though perhaps driven by something not contemplated in terms of scale this time last year. On 2 April 2025, Trump announced global tariffs of a minimum of 10% on all US imports (save for those from Cuba, North Korea, Russia and Belarus). Additional tariffs ranged from 11% to 50% for those countries where 10% didn't apply, although their imposition was paused subsequently for 90 days on 9 April 2025. This occurred at a time where a 'trade war' escalated between the United States and China, resulting at one point with 245% import tariffs imposed on a significant volume of Chinese goods flowing into the United States, and 125% tariffs applied by China for US imports. Since this late Spring/early Summer period, certain nations and/or trading blocs like the European Union have reached trade agreements (or framework agreements), lessening the impact of US tariffs, although significant duties still apply to nations such as India (50% at the time of writing). The practical impact of tariffs is, perhaps, still to be felt by exporters to the United States, and beyond given threats of reciprocal tariffs. This does little to alleviate existing concerns among traders, suppliers, and/or financiers regarding certainty of contractual counterparties complying with payment obligations – and we predict that trade credit insurance will increasingly be viewed as a significant risk mitigant against a potential tariff shock.