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Coffee House Shots: Tariff turmoil – the end of globalisation or a blip in history?
Apr 12, 2025
In this insightful discussion, Tej Parikh, a writer from the Financial Times, and Kate Andrews, The Spectator's US Deputy Editor, tackle the contentious state of globalization amidst recent tariff announcements. They delve into the historical context of protectionism and argue that globalization isn't dead yet. The conversation also highlights how shifting from goods to services is reshaping global trade dynamics. Both guests emphasize the need for policy reform to adapt to economic changes and address concerns over job losses caused by recent trade policies.
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Quick takeaways
- Despite current tariff turmoil, historical patterns show that globalization's essential drivers will eventually prevail, indicating its resilience.
- Trump's protectionist policies may erode trust in U.S. economic stability, prompting nations to seek alternative partners like China for trade.
Deep dives
The Persistence of Globalization
Despite ongoing discussions about the decline of globalization, historical patterns suggest that protectionist measures are often temporary. Economic experts assert that the fundamental drivers of globalization, such as specialization and cost-effectiveness in production, will reassert themselves over time. The current political climate, particularly with the influence of tariffs under the Trump administration, is seen as a significant threat to global trade dynamics, yet it is not viewed as the definitive end of globalization. Services, especially digital services, are becoming increasingly important, indicating that the world’s economic landscape is shifting toward less tangible forms of trade.
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