[ozborn]

3rd step also includes political instability in China, an even riskier business environment, demographic headwinds along with rising wages and increased fixed automation costs everywhere. Globalization, once "inevitable", has been dead since 2019 and isn't coming back in the foreseeable future.

[nirimda]

What happened in 2019 that caused globalisation to die? I remember the first volleys against it being the onset of the pandemic and border tightenings in Feb/Mar 2020. In 2019, COVID-19 still seemed like it might be a local phenomenon and most people outside of China had barely any idea that it existed.

[kmeisthax]

2018 and 2019 saw increasing levels of tariffs apply to Chinese goods, all to force China into signing an FTA deal that never really got off the ground (and, IMHO, would never be fully adhered to by the Chinese side).