Economics

Global Trade Is Slowing

“China had a great run, but it’s over.”

1479425748_econ_trade48-1 — Photo illustration: 731; Photographers: Ishara S. Kodikara/AFP/Getty Images (ship); Cristian M. Vela/Alamy (turtle)

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By Bruce Einhorn

November 17, 2016 at 11:58 PM UTC

This article is for subscribers only.

This article is part of the November 21, 2016 issue of businessweek.

Until he takes office in January, President-elect Donald Trump won’t be able to follow through on his pledges to scrap the Trans-Pacific Partnership, renegotiate the North American Free Trade Agreement, or penalize Chinese imports. Even without him, protectionism is rising, and world trade is slowing.

Responding to an outcry from local steelmakers, the European Union this year has punished Chinese competitors for allegedly selling steel below cost. The EU has announced antidumping duties as high as 81.1 percent on Chinese steel. “Free trade must be fair, and only fair trade can be free,” European Commission Vice President Jyrki Katainen said in a statement on Nov. 9, adding that some 30 million European jobs depend on free trade.