The backlash against globalization, hitherto restricted to developing countries, now includes developed countries such as the US, too. Regardless of the outcome, the world in general and developing countries such as India, in particular, need to start readying for a new world trade order. The backlash against globalization—the backbone of which was booming world trade—hitherto restricted to developing countries, now includes developed countries such as the US, too. In the final analysis, it is then clear that the global trade order is poised for a reset. It will entail a lot of pain for sure; worse, global trade and, consequently growth, face a serious downside risk.

Source: Mint October 14, 2018 16:52 UTC