Global supply chains are being reshaped by two powerful forces: trade policy and climate change. The resurgence of tariffs and non-tariff barriers is driving companies to rethink sourcing, production, and pricing strategies, while growing climate risks are exposing vulnerabilities in logistics networks, infrastructure, and insurance costs. At the same time, aging and underfunded infrastructure in the U.S. and abroad is compounding these challenges, adding costs and uncertainty for businesses. For boards and executives, understanding this evolving landscape is essential. Tariff risks now touch nearly every industry, climate disruptions are no longer occasional outliers, and infrastructure gaps directly influence competitiveness and resilience.