Good morning from Geneva.
The headline seemed to signal that the death of globalization, long announced, is finally here: The UN’s specialized agency for trade and development, UNCTAD, reported last week that global trade tumbled down from its post-COVID high in 2023: it contracted 5%, or about $2 trillion, versus 2022.
But that top-line take-away belies new trading patterns that show just how far countries are going to do business with allies.
