The global economy is fragmenting and a new era of protectionism has dawned. Dreams by free marketeers of a frictionless world in which goods and services moved seamlessly from country to country are dead.
That was the clear message from Joe Biden’s decision last week to target China with a range of new, much higher tariffs on electric vehicles and a range of other products crucial to sectors seen by the White House as vital to the future health of the US economy and to national security.
