“In a world of global trade and integrated capital markets, it is natural for economic and financial shocks and policy actions to be transmitted across borders.” - Jerome Powell, U.S. Federal Reserve Board member, former Fed Chair

The Through Line: Global trade has become an increasingly hot button issue in recent years after significant supply chain vulnerabilities were exposed by a combination of unusual economic events and shifting geopolitical priorities. The confidence in free trade that dominated most of the period after WWII is being eroded by a growing desire to stabilize weak links in supply chains and ensure capabilities in mission-critical industries. In short, the pendulum has swung from economic expediency toward sovereign security. This shift has implications for citizens, businesses and investors. We explore the issues at play and theorize about the shape of (trade) things to come.

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