Checking in on the Death of Globalization ™

Scott LincicomeThe U.S. trade data for calendar year 2022,released today by the Census Bureau,againshow that the much ‐​ballyhooed Death of Globalization has been greatly exaggerated. In fact, inflation‐​adjusted U.S. trade in goods — imports and exports — set records last year:The nominal value of U.S. trade in goods and services (not adjusted for inflation) also set records, as total trade almost reached$7 trillion:And trade as a  share of the U.S. economy (GDP), while not hitting an all‐​time high, has now rebounded to pre‐​pandemic levels:Of course, past performance doesn ’t necessarily guarantee future results, but — so far, at least — if the United States is de‐​globalizing, it sure has a funny way of showing it.

Source: Cato-at-liberty - February 7, 2023 Category: American Health Authors: Scott Lincicome Source Type: blogs