Protectionism
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On December 1, 2020, China’s first Export Control Law took effect. The timing of the new law suggests that it is a response to recent high-profile export restrictions targeting Chinese buyers by the Trump administration (examples here, here and here).
In light of the current COVID-19 crisis, businesses are encouraged to be more resilient to external economic shocks by diversifying or reshoring their supply chains.
Marta Bengoa et al.
The COVID-19 pandemic has shocked the global economy, and also likely altered the global trading system for good.