The Impact of Globalization on Corporate Profitability

China, which has benefited enormously from trade and globalization, certainly stands to be a little bit more vulnerable as a result. I don't think it's a coincidence that in the same week that Apple announced that it was looking to move some of its manufacturing base out of China,. They had a very rapid sort of 180 on the COVID policies and started to loosen up. Other countries, I think, will clearly wind up on the losing end of this.