Trade shifts

Trade shifts
In the second half of the 20th century, globalization brought a boom in international trade. The rapid change that came with it has led to a backlash, with most countries erecting protectionist barriers. Governments are increasingly using regulations, red tape and tariffs to achieve domestic and foreign policy goals. Highly intense trade disputes, however, can break the ice and lead to results and unexpected benefits.

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Countries with which the U.S. has a free trade agreement

The future of free trade

Free trade is undergoing a dip in popularity, as it gives way to economic nationalism in many parts of the globe. Much of this comes down to the WTO and its failure to rein in China’s unfair economic practices since 2001. Washington wants to bring about fundamental changes in the organization, while Beijing resists them. With the WTO hamstrung, there is no enforcement of international trade rules. That could hinder the global post-Covid economic recovery.

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