“Trade: It’s No Longer Rising”

A Little-Noticed Fact About Trade: It’s No Longer Rising – The New York Times.

The total value of American imports and exports fell by more than $200 billion last year. Through the first nine months of 2016, trade fell by an additional $470 billion. It is the first time since World War II that trade with other nations has declined during a period of economic growth. Sluggish global economic growth is both a cause and a result of the slowdown. In better times, prosperity increased trade and trade increased prosperity. Now the wheel is turning in the opposite direction. Reduced consumption and investment are dragging on trade, which is slowing growth. But there are also signs that the slowdown is becoming structural. Developed nations appear to be backing away from globalization.