On-shoring
The tumultuous events that occurred during much of the Trump
administration will continue to have effects in 2021. Some of these
are longstanding trends that intensified between 2016 and 2020,
whereas others are more recent.
The COVID-19 pandemic significantly affected global trade
policy, highlighting global manufacturing supply chain
vulnerabilities already weakened by geopolitical events of the last
several years. The most notable of those, perhaps, is the rising
challenge of China's unique form of state-sponsored economic
mercantilism, its challenge to the economic hegemony of liberal
democracies, and the response of the U.S., Japan, the EU and
similar countries.