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Up until the early 2020s, global trade revolved around the relationship between the US and China. In recent years, geopolitical tensions and market shifts, coupled with a change in sourcing economics, have caused a shift in this dynamic, resulting in a “multi-polar” structure where more countries participate in global trade.
This push to diversify trade flows is happening across industries. Between 2017 and 2023, the share of total US imports from China fell by 5.8…
