Free Trade Is Dead. Risky Managed Trade Is Here.

Source: Foreign Policy
by Edward Alden

“In the years after World War II, most nations agreed, for the first time in history, they would treat foreign-made goods the same from almost every country. The United States would, for example, charge the same tariff on a sweater imported from Italy as on one imported from Bangladesh and impose no additional discriminatory regulations. First, this powerful principle allowed many poor countries, such as Bangladesh, to grow by exporting goods. Later, when advances in communications and logistics pushed globalization forward, it allowed companies to spread production around the globe, confident they could make goods in almost any country and export them to any other under identical rules. But the nondiscrimination principle is now under the most sustained assault it has ever faced.” (07/20/21)