Tuesday, September 01, 2020

Thinking of Abandoning Globalization? Reconsider.

The coronavirus pandemic exposed the vulnerability of our global supply chains, interrupting the flow of critical imports into the U.S., and triggering calls for American multinationals to reshore production.
Coming on the heels of the trade war and Washington’s push to de-couple economically from China, this has brought widespread predictions of deglobalization. The U.S. Special Trade Representative even wrote a recent op-ed calling for the end of offshoring.
Ultimately, we will see changes in the way the global economy works.  According to Thomas Hout for HBR, "the fundamentals of our globalized economy — and China’s role within it — will not change."  Here are the four reasons why in his article: Abandoning Globalization Will Only Hurt U.S. Businesses.

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