Large and medium economies are reassessing their global supply chains amid rising geopolitical tensions and past disruptions like the Suez Canal grounding. The pandemic-induced factory closures and the Russian invasion of Ukraine have further strained trade, causing price surges in energy and goods. National security is now prioritized, with countries re-evaluating their dependencies and shifting toward tariffs and local manufacturing. This marks a significant shift from globalization to a more trust-oriented economic strategy, challenging the WTO's trading systems and fostering distrust among nations.
The grounding of the Ever Given in the Suez Canal in 2021 highlighted vulnerabilities in global trade, exposing how supply chain disruptions can impede economic progress.
The cumulative effects of rising global tensions are resulting in governments imposing tariffs, repatriating factories, and fostering a climate of distrust towards international trade.
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