"Moreover, in the years since the global financial crisis, international trade has been a less powerful engine of economic growth. As shown in the figure, from 1991- 2007, global trade volumes expanded by 6.9% a year on average, but slowed to growth of just 1.8% a year following the crisis. Since 2018, when President Trump kicked off his trade war in earnest, global trade volumes have flattened further."
Figure 1: Global Trade Volumes Reflect the Pause in Globalization
Source: PGIM Fixed Income, Haver Analytics