This year will be crucial in a number of ways. We are facing parliamentary elections in Germany and a new US President will take office. Attention is focused in particular on possible changes in US trade policy and the reaction of the EU and China respectively. Changes on the chessboard of global trade are of course very important for small open economies such as the Czech Republic.

Global trade relations have been subject to considerable challenges in recent years, stemming from geopolitical tensions and economic conflicts between the world's key economies. One of the most prominent factors is the trade dispute between the United States and China, which began during previous US administrations and continues. This conflict has resulted in the introduction of tariffs and other trade barriers that affect global supply chains and increase uncertainty in international markets.

The European Union is trying to balance between China and the US while addressing its own trade relations with both of these powers. While the EU seeks to promote free trade and multilateral trade agreements, geopolitical tensions and pressure to protect strategic industries are leading to the introduction of safeguards and a rethinking of trade policy.

At the same time, new trading blocs and alliances are emerging and influencing global trade dynamics. For example, the RCEP (Regional Comprehensive Economic Partnership) agreement, which includes Asia-Pacific countries, is the largest trade agreement in the world and can strengthen Asia's position in the global market.

For the Czech economy, which is highly open and export-oriented, these global trade trends have a key impact. Changes in trade relations between major economies can affect access to foreign markets, supply chains and the competitiveness of Czech producers. It is therefore important to monitor the development of these relations and adapt business strategy to current global market conditions.