Asia-Pacific markets opened lower following a mixed performance on Wall Street, where the Dow Jones and S&P 500 saw gains but the Nikkei 225 faced a decline after a significant rise. The outlook for China's trade data is under scrutiny, with expectations for year-over-year export growth of 9.7%. Meanwhile, global trade dynamics are shifting due to geopolitical tensions, particularly between the US and China, with trade relations deteriorating further since 2018 and protectionist policies being maintained by the current US administration. The EU's patience with China's trading practices is waning, although it remains cautious compared to the US. As China faces reduced shares in US imports, other Asian countries like Vietnam and Taiwan are benefitting from a reconfiguration of supply chains. This evolving landscape underscores the need for businesses to adapt to complex challenges and opportunities arising from geopolitical risks and climate change.