At a port in Shanghai, April 2022
China Out / Reuters

As trade officials gather on the calm shores of Lake Geneva for the World Trade Organization’s long-delayed 12th ministerial conference, a perfect storm is brewing in the multilateral trading system. The cumulative effects of the COVID-19 pandemic and the war in Ukraine have led to prolonged supply chain disruptions, global food shortages, and skyrocketing energy prices. These breakdowns of international trade are causing some to proclaim the end of the era of globalization. Business and political leaders such as BlackRock CEO Larry Fink,  European Central Bank President Christine Lagarde, and U.S. Treasury Secretary Janet Yellen are questioning the

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