The West has turned hostile to open markets, but trade isn’t in retreat everywhere. In other parts of the world, it’s flourishing.
The fashionable label “deglobalization” misses the shift in import and export patterns that has seen emerging markets account for an increasing share of global trade in goods. Not the least of these is China’s expanding role as customer, not just a seller. If China’s richest person, Jack Ma, is right that the U.S.-China dispute may last decades (I suspect he is), the shift in the center of gravity will only accelerate.