The US Could Cope with Deglobalisation. Europe Couldn’t

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Series Details Number 145
Publication Date August/September 2022
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A 1930s-style collapse in trade and international investment did not happen after the global financial crisis in 2008 – or after Donald Trump’s election victory. However, the risks of outright deglobalisation have clearly risen after Vladimir Putin’s invasion of Ukraine and Xi Jinping’s decision to strengthen ties with Russia (if more in word than deed). If Xi decides to invade Taiwan, and the US and its allies impose sanctions on China in response, international trade and investment would fall substantially. Europe’s economy is far more vulnerable to such disintegration than that of the US.

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