The steam has gone out of globalisation

America and the EU have new regimes for vetting foreign investment, while China, despite its bluster, has no intention of giving foreign firms a level playing-field. As global rules decay, a fluid patchwork of regional deals and spheres of influence is asserting control over trade and investment. China hopes to agree on a regional trade deal this year, even as its tech firms expand across Asia.

Source: www.economist.com