According to Morgan Stanley, the world economy is realigning to become a multipolar world with trade and supply chains becoming more decentralised and less deeply interconnected. In other words, the era of globalisation is over.

Globalism lifted millions from poverty, lowered prices, opened new markets and provided opportunities to share with distant cultures. Globalism’s discontents resisted the order because it expanded wealth inequality, birthed multinationals more powerful than governments, and encouraged environmental degradation and exploitation of human and mineral resources.

No country benefitted more from the old order than China, and no country will lose more in the wake of its falling. The new order is one based on mutually beneficial bilateral trade agreements, ideally between regional allies. Reinventing the global supply chain will take time and look different for each country and sector. In the United States’ case, the decoupling from China has thus