Globalization Isn't Going Away

Trump and other world leaders are going up against an unstoppable economic trend

- Michael Schuman

Globalization seemed to be on the ropes. Nationalist politicians had maligned it as the source of closed factories, stagnant wages, and unwanted migrants. Washington had pulled out of international pacts on climate change and trade. The British were abandoning Europe’s grand experiment in peaceful integration.

Recent weeks brought more body blows. The White House turned darkly protectionist, threatening the global trading system. China’s leadership—which sees itself as the patron of globalization—put it at risk by promoting the very industrial policies that fostered anti-trade sentiment in the U.S. and Europe. Italian voters flocked to political parties that rail against immigrants and the euro. Globalization, which helped to flatten the world’s economic playing field, seemed about to be flattened itself.

But the dramatic events of the past several weeks don’t show how weak the power pulling the world together has become, but rather how many punches it can absorb without collapsing. Enough of the world has benefited from globalization to know which side of the fight to be on. The message to the new nationalists is clear: Persist in your fight against globalization, and you may end up down for the count.

Just look at Donald Trump’s tariff fiasco. Critics pummeled him after his off-the-cuff announcement on March 1 of across the-board tariffs on imported steel and aluminum. A crowd of economists and business leaders warned of job losses, damaged industrial competitiveness, and higher costs for businesses and consumers.