Dear Valued Partners,

As we move through the latter half of 2025, the global sourcing landscape continues to evolve under the influence of complex geopolitical dynamics. I'd like to take a moment to share key insights into how these external forces are shaping commodity markets-and what it means for our shared supply chain strategies.

Geopolitical Landscape: A Catalyst for Change

The global economy is experiencing heightened uncertainty due to several converging factors:

• U.S.-China Trade Tensions :

  The ongoing tariff war has disrupted traditional trade flows, particularly affecting industrial metals and agricultural exports.

• Middle East Instability :

  Conflicts in key oil-producing regions continue to threaten energy supply chains, driving volatility in crude and natural gas prices.

• Sanctions and Policy Shifts :

  New sanctions on Russia and Iran, coupled with OPEC+ production cuts, are creating unpredictable swings in oil markets.

• Climate and Weather Events :

  Unseasonal weather patterns are impacting crop yields, adding pressure to food commodity prices.

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