Last year, lefty corporate media outlets pushed the narrative that President Trump's trade war with the world could trigger a 1929-style economic collapse. However, a new UBS report presents a markedly different picture: global trade growth is running at historically high levels, supported by AI-related demand and rising export prices. 

Let's take a trip in the "wayback machine" and look at Bloomberg's headlines when Trump was ratcheting up the trade war with China in early 2025. The outlet pumped out an ungodly number of headlines about "recession" and impending economic doom. 

MSM's 'Doom-Maxxing' Headlines:

Roughly 1.5 years later, UBS's latest data show continued growth in global trade, despite the recession risks economists highlighted when the tariff war broke out in the first half of 2025.

UBS chief economist Arend Kapteyn wrote Tuesday morning that global export values are rising about 19% from a year earlier, placing growth in the 84th percentile of the past 25 years. Higher volumes account for roughly 8.8 percentage points of that increase, while rising prices contribute another 10.3 percentage points.

Asia accounts for 71% of global export growth. The region, with China particularly prominent, generates about 95% of the technology-related contribution, highlighting its major role in the AI supply chain. 

Separately, Emmanuel Sharef, who oversees Pacific Investment Management Co.'s flagship Balanced Income and Growth Fund, told Bloomberg last week that he was seeking opportunities among Asian suppliers benefiting from the AI boom.

The report suggests that global trade remains resilient, but its core strength is concentrated in technology and Asia. That leaves the expansion heavily sensitive to the AI and power grid investment boom. It seems that all the doom-maxxing forecasts lefty corporate media outlets made last summer have fallen flat on their faces.