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Growing Doubt in Globalization
- Ordinary citizens have lost faith in globalization, seen in Brexit and US voter sentiments.
- Western companies face increasing political risks operating in Russia and China, weakening globalization's core pillars.
China Shock Deepens Trade Challenges
- China's rise disrupted manufacturing in high-wage countries like the US.
- China's excess production capacity and trade tensions trap global trade in a difficult bind.
Corporate Headaches Shifting Away from China
- Western companies have been trying for years to reduce exposure to China amid growing risks.
- Moving factories is complex; supply chains linked to China complicate efforts to decouple quickly.