Allianz Trade’s latest Insolvency Report notes that export-driven economies are most affected by President Trump’s tariffs on global insolvencies. In the worst-case scenario, Canada could see an additional 1,900 insolvent companies, France 6,000, Spain up to 2,900, and the Netherlands 700. In contrast, Allianz Trade forecasts a negligible impact in Germany, the UK, Italy, and Belgium, due to diversified export markets, larger domestic bases, or stronger financial positions. Overall, business insolvencies are on the rise in three out of five countries in 2025, representing 68% of global GDP. This outlook has led Allianz Trade to maintain its global business insolvency forecast for 2025, with a +6% rise expected, followed by +5% in 2026 (up from +3% in Allianz Trade’s previous forecast). This means that 2026 would mark five consecutive years of increases to reach a record high number of bankruptcies, +24% above the pre-pandemic average. To read Allianz Trade’s report, go to https://www.allianz-trade.com/en_global/news-insights/news/global-insolvencies-still-waiting-for-tariffs.html.