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Backlash Transforms Globalization
- Globalization promised broad benefits but faced backlash due to uneven distribution.
- Trump's tariffs mark a shift from efficiency to supply chain diversification due to rising risks.
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.