One year into Donald Trump’s presidency and experts in Australia and around the world can hear the grinding of history’s gears.
“We have entered a new economic era; one with rules that are very different to the past,” the Commonwealth Bank’s chief economist, Luke Yeaman, wrote in October.
We exit the heyday of globalisation and its relentless, single-minded pursuit of efficiency, to … what?
At this point it looks like a world of rising trade protectionism, populism, self-sufficiency, suspicion, conflict and crackdowns on the movement of people and capital.
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Trump has exploded so many established norms that his return to the White House seems to have ruled a line between what was before, and what is now and will be.
The “liberation day” tariffs in April last year triggered fears of a global trade war that would smash the world economy.
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