Globalization was founded on free international trade, which seems unlikely to continue. Free trade contributes to increasing production efficiency and reducing costs. The World Trade Organization (WTO) was established to preserve this trade freedom, but its work is hindered by tariffs and policy inconsistencies. Most of the post-World War II international economic growth was due to free trade in goods, which benefited everyone, albeit to varying degrees. International trade is facing major problems due to high tariffs imposed by President Trump and the retaliatory tariffs that followed. Globalization has led to a widening of the financial and living gap between rich and poor.
