Trump's tariffs come on top of a recent loss of faith in free trade and interconnectedness.
While Trump's tariffs represent a serious shock to the system, the reality is that the world has been stepping back from globalization for several years now, with reasons that include U.S.-China competition, the COVID pandemic, competition over technological supremacy, and nationalism. On the latest episode of FP Live, I explored how a more accelerated process of deglobalization might impact countries, especially smaller economies that don't get as much media attention. Two expert guests joined us: Eswar Prasad , a professor of trade policy at Cornell University, and Elisabeth Braw , a senior fellow at the Atlantic Council, an FP columnist, and the author of Goodbye Globalization: The Return of a Divided World. Subscribers can watch the full discussion on the video box atop this page, or follow the FP Live podcast. What follows here is a lightly edited and condensed transcript. U.S. President Donald Trump's tariffs have spurred intense discussions about the future of globalization. Will giant conglomerates be forced to localize manufacturing and production? How long will that take, and what will it do to the price of everyday goods? U.S. President Donald Trump's tariffs have spurred intense discussions about the future of globalization. Will giant conglomerates be forced to localize manufacturing and production? How long will that take, and what will it do to the price of everyday goods? While Trump's tariffs represent a serious shock to the system, the reality is that the world has been stepping back from globalization for several years now, with reasons that include U.S.-China competition, the COVID pandemic, competition over technological supremacy, and nationalism. On the latest episode of FP Live, I explored how a more accelerated process of deglobalization might impact countries, especially smaller economies that don't get as much media attention. Two expert guests joined us: Eswar Prasad, a professor of trade policy at Cornell University, and Elisabeth…