Should we believe the world is stumbling towards a new era of “deglobalisation”, where isolationism, autarky and economic decoupling push countries apart into competing economic blocs? I don’t believe so. On the contrary, there is plenty of evidence to indicate the world is undergoing “re-globalisation” – a revamp of an integrated system towards a multipolar world economy.
In the United States, despite rhetoric and policy efforts to reduce dependence on China, bilateral trade is still likely to grow. What has changed is that China is no longer the US’s largest foreign trade partner. That title returned to Mexico last year.Mexican President Enrique Pena, US President Donald Trump and Canadian Prime Minister Justin Trudeau attend the USMCA signing ceremony in Buenos Aires, Argentina on November 30, 2018. Photo: ReutersMexico has long been highly integrated into the US…
