GENEVA: World trade faces an uncertain outlook in 2025 because of the threat of trade wars, after global commerce hit a new peak this year, the UN said on Thursday.

The UN trade and development agency UNCTAD said global exchanges of goods and services are expected to reach a record level of nearly $33 trillion in 2024.

“This $1 trillion increase, reflecting 3.3 percent annual growth, highlights resilience in global trade despite persistent challenges,” the UN agency said in a statement.

But the report added that “the 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners.”

US President-elect Donald Trump has threatened to impose steeper tariffs on the country’s trade partners, whom he accuses of taking advantage of the America’s open markets.