International trade will shrink in the transition from globalization to Friend (and Allied)-shoring
U.S. Treasury Secretary Janet Yellen has proposed friend-shoring as a means of isolating global supply chains from external disruptions or economic coercion. It is the decoupling that is likely to lead to short-term supply shocks and higher prices, developments not unlike those produced by the turbulence of recent years. In the long run, the outcome is likely to be lower economic growth due to loss of efficiency, higher costs and supply bottlenecks. [What 'Friend-Shoring' Means for Trade in a Less ... - The Washington Post]
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