The global trade war is well under way.
The European Union on Wednesday announced tariffs of up to 50% on electric vehicles from China, just days after Turkey imposed new tariffs on imports. The U.S. increased its own tariffs a couple of weeks ago.
It is also the clearest sign yet that so-called decoupling isn’t a myth. The intensifying U.S.-China rivalry has led the world’s largest economies to reassess their multidecade entanglements. It is raising concern that the globalization that kept prices subdued for decades and powered growth for multinational companies is undergoing a revamp.