This edition of the International Trade Outlook for Latin America and the  Caribbean analyses the sea change in United States trade policy in  2025, which is set against the backdrop of the weaponized interdependence occurring in the wider global economy. Although its impact on global and regional trade in 2025 has not been as pronounced as anticipated at the beginning of the year, projections for 2026 point to a marked slowdown. In general, exports from the region to the United States are subject to lower tariffs than those imposed on most of its main competitors, but this could change depending on trade balance trends or even factors beyond economics. In this context, the governments of the region should diversify trade relations and strengthen regional economic integration. This edition also examines the region’s low share of global exports of high-technology goods and human capital-intensive services. To increase that share, productive policies and factors of production (science and technology, digital transformation, human talent, among others) are essential, as is closing the gaps in technical, operative, political and prospective capabilities of institutions in the countries of the region.