London — Globalisation may have stalled amid the fiery geopolitical posturing of recent years — but many doubt it’s in reverse yet given that supply chains have been rerouted rather than returned home and overall trade volumes less disturbed than first feared.

Direct bilateral trade between the US and China has clearly fractured during six years of tit-for-tat tariffs, post-Covid-19-pandemic insecurities and all the political and investment rivalries that hardened since Russia invaded Ukraine...

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