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The Backlash Against Globalized Trade Is Changing, Not Subsiding

After decades in which globalization was seen as an unalloyed force for good, a backlash to globalized trade has gathered steam over the past six years. Once hailed as a way to improve efficiency in developed economies and create prosperity in developing ones, the disruptions caused by trade liberalization began to generate popular discontent in both.

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The Backlash Against Globalized Trade Is Changing, Not Subsiding
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    The EU and U.S. Are Squaring Off Over Climate Policy’s Trade Impact

    The EU and U.S. Are Squaring Off Over Climate Policy’s Trade Impact

    Financial incentives for the purchase of electric vehicles included in the U.S. Inflation Reduction Act are leading to renewed trade frictions with …

    Global Trade

    There have been several major multilateral deals struck in the past six years in Asia and North America, and between the EU and a range of national and regional partners. And Africa rang in 2021 with the official launch of a new, continent-wide free trade zone. But from Brexit to Trump’s presidency, voters have been willing to sacrifice economic connectivity to enhance national sovereignty. Now governments are increasingly following their lead.

    US Trade Policy

    On trade policy, the transition from Trump to Biden brought surprisingly little change. The U.S.-China trade war continues, and protective tariffs remain the order of the day. On one front, though, Biden has moved to break with his predecessor, signaling an interest in thawing relations with the EU, particularly when it comes to cooperating on countering China’s unfair trade practices.

    World Trade Organization

    The WTO’s new director-general, Ngozi Okonjo-Iweala, made history when she became the first African and the first woman to head the global trade body. She will not have much of a honeymoon period, though. The WTO must rebuild its appellate body after Trump officials blocked key appointments and ground its work to a halt.

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