Trade Protectionism Surges Amid Economic Woes, Threatening Global Supply Chains
After the global financial crisis in 2008, many countries changed their trade policies to deal with the recession. They used different methods like making trade easier, promoting trade, or putting restrictions on it. Instead of raising tariffs or using tools like antidumping, countries mainly supported specific industries. They're now using more measures that are not tariffs. An important discovery is that the growth of global supply chains has helped prevent more traditional forms of protectionism. However, economic pressure could make governments lean towards protecting their own economies more, and there has been an increase in protectionist actions lately. This shows that free trade needs to be carefully watched to make sure it continues.