Fresh trade data from Europe and Asia point to a broadening slowdown in global merchandise flows as higher tariffs and softer external demand weigh on exporters. Eurostat figures show the euro-area’s unadjusted trade surplus narrowed to €7 billion in June from €16.2 billion a month earlier, well below market expectations of about €13 billion. On a seasonally adjusted basis the surplus was just €2.8 billion. Although the region’s current-account surplus in the same month inched up to €35.8 billion, the goods surplus was 66 % smaller than a year earlier amid a 6.8 % jump in imports. In Japan, the Ministry of Finance reported a ¥117.6 billion goods trade deficit for July, confounding forecasts for a surplus. Exports fell 2.6 % from a year earlier—the steepest drop since early 2021—with shipments to the United States sliding 10.1 %. Imports declined 7.5 %, but not enough to prevent the adjusted deficit from widening to ¥303 billion. Separately, core machinery orders, a bellwether for capital spending, unexpectedly rose 3.0 % on the month and 7.6 % on the year. Singapore’s trade-dependent economy also lost momentum, with non-oil domestic exports contracting 4.6 % in July from a year earlier versus economists’ projection of a 1.8 % fall. The drop was led by pharmaceuticals, and shipments to the United States plunged 42.7 %. On a seasonally adjusted basis exports slipped 6.0 % from June. Taken together, the latest readings from three of the world’s most open economies underscore the drag that elevated U.S. tariffs and lukewarm global consumption are exerting on trade, posing fresh risks to growth in the second half of 2025 even as pockets of domestic investment remain resilient.