Report Examines How Geopolitics Affects Global Trade Routes
Bloomberg released a report this week analyzing how recent geopolitical events since the start of the COVID-19 pandemic have reshaped traditional trading relationships. The report concluded the U.S. is regularly importing more goods from Europe than from China, China is exporting a greater share of its goods to non-U.S. markets, Brexit boosted costs and reduced market access for British exporters, China uses its economic power to achieve strategic goals, and Germany was slow to cut off Russian imports after the invasion of Ukraine.
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Bloomberg also concluded the U.S. and China are not "engaged in a wholesale decoupling of their economies," but both are deepening trade with other nations; a strong U.S.-EU trade relationship is especially important while both sides are decreasing dependence on China; the concentration of markets in regional economic hubs will become more important in the coming years; the U.K. needs to find a way to mitigate the effects of Brexit; and Russia likely will remain a "pariah state for many years to come."