The Hidden Costs of “Slowbalization”
Given the growth in global trade over the past few years, it may be tempting to argue that geopolitically motivated trade barriers have had a negligible economic impact. But while the international trading system may appear resilient, tariffs and other restrictive measures carry significant costs.
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BRUSSELS – The emergence of an open multilateral trading system that separated trade from geopolitics played a pivotal role in driving the post-World War II economy. But with trade policies increasingly shaped by geopolitical considerations, a new paradigm is becoming visible.