2023-06-15 15:47:00
Accelerated since the 1970s, has the process of globalization reached its limits? Yes, according to the US Trade Representative, in a speech she is to deliver this Thursday in Washington and which AFP was able to consult. According to Katherine Tai, the chain of crises, in particular the pandemic and the war in Ukraine, underlined “the fragility of supply chains and the unsustainable version of globalization” in its current form.
“It is abundantly clear that these challenges have implications for competition policy as well as trade policy,” will she insist, pointing out that “our global supply chain, created to maximize short-term efficiency and minimize costs, must be reinvented to ensure resilience”.
“Strong supply chains are vital for better economic and national security,” must remind Katherine Tai.
The great powers refocus on themselves
In order to reduce its dependence on China in particular in terms of trade, the United States has launched several reindustrialization and investment projects in sectors considered essential, such as batteries for electric vehicles, semiconductors or energy. own.
A political choice that has raised fears among the main trading partners of the United States, in particular the European Union, Japan and South Korea, which fear a war of subsidies aimed at attracting companies to the territories of the different countries. . It is in particular the IRA (Inflation Reduction Act), the great climate plan voted last summer and promising significant subsidies, which has crystallized these fears.
The EU has also responded with an equivalent project incorporating substantially similar subsidies. The French government in particular has the ambition to reindustrialize the country by 2030, promising billions in the process. “We have a new relationship to globalization. Everyone understood that it was better to produce things at home. Quite simply because it is too risky to produce them elsewhere”as the Minister of the Economy Bruno Le Maire explained last September to La Tribune.
(With AFP)
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