Is the market economy and open trade in global retreat? That depends where you look.
If you look at the surge in government subsidies, regulations and other industrial policy interventions in recent years, you’ll definitely think so. If you observe the political toxicity of trade and trade agreements in the US, you’ll be confirmed in your gloom (or glee, au choix).
On the other hand, if you look at the low and falling average global level of import tariffs and the robustness of goods trade itself you’ll feel much cheerier (or sadder). And checking out the number of preferential trade deals being signed worldwide will make you positively ecstatic (or heartbroken).
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