While the pulp and paper industry is inherently local—particularly in terms of production and sourcing of raw materials—trade is fundamentally cross-border and international. As a result, the sector is highly exposed to trade barriers and tensions, such as those created by the tariff policies introduced during the Trump administration. Tariffs are expected to put significant pressure on transportation and logistics—sectors that are intrinsically linked to the pulp and paper industry. This strain is partly mitigated by the fact that many pulp and paper companies have made substantial investments in overseas production capacity. Recent mergers in the industry, such as the Smurfit Kappa–WestRock merger and the International Paper–DS Smith merger, are also likely to offset some of the negative impacts of tariffs. These newly formed giants now operate production facilities in both Europe and the US. …This consolidation trend may render the pulp and paper industry more resilient.