International trade： Changing places 

The pandemic will not end globalisation, but it will reshape it  

 English placeholder caption

Then Donald Trump was elected in November 2016, and a trade war began between America and China. Companies realised they were exposed to political risk from economic nationalism, as much as from distant disruption. In 2019, as average American tariffs on Chinese imports rose from 12% to 21%, and tariffs in the other direction rose from 17% to 21%, America’s share of Chinese imports and exports fell to its lowest in 27 years, before China’s WTO entry. America circumvented and then sabotaged the WTO, stopping the nomination of judges to its appeal board and thus its ability to adjudicate trade disputes. In Europe Britain voted for Brexit in June 2016. Many European leaders grew frustrated with unfettered markets, wishing to have national champions that could compete with China’s state-backed giants.

circumvent  v. /ˌsɜːkəmˈvent/  1.设法回避；规避 •They found a way of circumventing the law. 他们找到了规避法律的途径。 2.绕过；绕行；绕道旅行

sabotage  /ˈsæbətɑːʒ/  1. （为防止敌人利用或表示抗议而对设备、交通等进行的）蓄意毁坏•an act of economic/military/industrial sabotage 经济╱军事╱工业破坏活 

2. 故意妨碍；捣乱；刻意阻碍

appeal board 上诉委员会            trade dispute：贸易争端

Adjudicate  v. /əˈdʒuːdɪkeɪt/  

1.~ (on/upon/in sth)~ (between A and B)  判决，裁决（争执等） •A special subcommittee adjudicates on planning applications. 有一个特别小组委员会裁决规划申请项目。 •Their purpose is to adjudicate disputes between employers and employees. 他们的目的是裁决雇主与雇员之间的纠纷。

2. （比赛中）裁判，评判

Unfettered  adj /ʌnˈfetəd/ 无限制的；不受约束的；自由的• an unfettered free market 不受约束的自由市场

national champion：国家领军企业，是国家对外具有竞争优势的大企业，会容易得到国家的贸易保护和支持。1958年，戴高乐决心通过推动国家领军企业（national champions）和“宏伟计划”（grands projets）使法国跻身工业强国的前列。

The blow struck by covid-19 has made supply chains a “CEO and board level topic,” says Susan Lund of McKinsey, a consultancy. Until this year, she says, many firms did not realise how much their supply chains depended on China. In a survey conducted by McKinsey in May, some 93% of firms reported plans to make supply chains more resilient. The firm finds 180 products for which a single country accounts for over 70% of exports and reckons the production of 16-26% of goods exports could change location in the next five years. Firms are worried not just about trade wars and other shocks, but about their environmental footprint and labour standards. These are easier to monitor closer to home.

Covid-19 has also given politicians a chance to indulge their protectionist instincts. The virus first found in Wuhan gave Mr Trump a stick with which to beat China, and another multilateral institution, the World Health Organisation, on which to pour scorn (and, in this case, begin withdrawing from). There has been an upsurge in government intervention to protect jobs and rescue firms; by the end of April the EU had approved more than €2.2trn ($2.6trn) in state aid. Even before the pandemic France and Germany wanted Europe’s state-aid and competition rules loosened in the name of promoting national champions.

Indulge  v. /ɪnˈdʌldʒ/  

1.~ in sth/~ yourself (with sth) 沉湎，沉迷，沉溺（于…）•They went into town to indulge in some serious shopping. 他们进城去大肆购物。 •I indulged myself with a long hot bath. 我尽情享受了一次长时间的热水浴。

2.满足（欲望、兴趣等）•The inheritance enabled him to indulge his passion for art. 这笔遗产使他能够尽情投入他热爱的艺术。

3.~ sb (with sth)~ sth  放纵；听任 •She did not believe in indulging the children with presents. 她认为不能惯着孩子们要什么就给什么。

4. ~ in sth  参加，参与（尤指违法活动）

scorn  /skɔːn/  

[ U ] ~ (for sb/sth)轻蔑；鄙视·Her fellow teachers greeted her proposal with scorn . 别的老师对她的提议不屑一顾。

pour/heap ˈscorn on sb/sth 嗤之以鼻；不屑一顾

动词 1.轻蔑；鄙视 •She scorned their views as old-fashioned. 她对他们的观点嗤之以鼻，认为陈腐过时。2.( formal ) 不屑于（接受或做）；轻蔑地拒绝 •to scorn an invitation 轻蔑地回绝邀请

Upsurge  n. /ˈʌpsɜːdʒ/  ~ (in/of sth) ( formal ) 急剧上升；飙升；猛增 • an upsurge in violent crime 暴力犯罪的猛增

Interdependence days

Politicians have also come to realise how much health-care systems depend on trade. Shortages of personal protective equipment (PPE) spurred many to limit or block exports of these and similar goods. The IMF counts 120 new export restrictions this year. For many medical goods production is highly concentrated: China accounts for 6o% or more of exports of antibiotics, sedatives, ibuprofen and paracetamol. Britain has launched “Project Defend”, which will try to reduce reliance on Chinese production of critical products with a mix of reshoring and guarantees that supplies pass through friendly countries.

interdependence /ˌɪntədɪˈpɛndəns/ 互相依赖• the interdependence of nations.国家间的相互依赖。

Antibiotics /,æntɪbaɪ'ɒtɪks/抗生素、抗生学

Sedative /ˈsedətɪv/镇静剂

ibuprofen /ˌaɪbjuːˈprəʊfen/ 布洛芬，异丁苯丙酸（镇痛消炎药）

paracetamol /ˌpærəˈsiːtəmɒl/ 醋氨酚；扑热息痛（降温止痛药）

译文

Then Donald Trump was elected in November 2016, and a trade war began between America and China. Companies realised they were exposed to political risk from economic nationalism, as much as from distant disruption. In 2019, as average American tariffs on Chinese imports rose from 12% to 21%, and tariffs in the other direction rose from 17% to 21%, America’s share of Chinese imports and exports fell to its lowest in 27 years, before China’s WTO entry. America circumvented and then sabotaged the WTO, stopping the nomination of judges to its appeal board and thus its ability to adjudicate trade disputes. In Europe Britain voted for Brexit in June 2016. Many European leaders grew frustrated with unfettered markets, wishing to have national champions that could compete with China’s state-backed giants.

紧接着特朗普在2016年当选美国总统，发起了中美之间的贸易战。企业们意识到自己暴露在经济民族主义的政治风险中，危险程度如同全球供应链中断。2019年，美国对中国进口产品关税从平均12%涨至21%，中国对美国平均进口关税也从17%涨至21%。美国对中国产品的进出口占比都降至27年来最低，与中国进入WTO之前相当。此外，美国绕开并蓄意破坏WTO，阻止了WTO上诉委员会法官的提名，也因此阻止了其对贸易争端的裁决能力。聚焦欧洲，2016年6月，英国公投脱欧。许多欧洲领导人厌倦了无拘无束的自由市场，希望有国家领军企业与中国政府支撑的大企业竞争。

The blow struck by covid-19 has made supply chains a “CEO and board level topic,” says Susan Lund of McKinsey, a consultancy. Until this year, she says, many firms did not realise how much their supply chains depended on China. In a survey conducted by McKinsey in May, some 93% of firms reported plans to make supply chains more resilient. The firm finds 180 products for which a single country accounts for over 70% of exports and reckons the production of 16-26% of goods exports could change location in the next five years. Firms are worried not just about trade wars and other shocks, but about their environmental footprint and labour standards. These are easier to monitor closer to home.

麦肯锡咨询Susan Lund表示新冠肺炎的沉重打击使得供应链成为“CEO和董事会层面的话题”。直到今年，许多企业才意识到自己的供应链对中国依赖程度多高。在5月份麦肯锡的调查中，93%的企业计划使自己的供应链更具弹性。麦肯锡发现180种产品单一国家出口占全世界的70%，估算在接下来的5年间，16%-26%的产品出口量会更换生产地点。企业不只担心贸易战与其他打击，还有环境足迹与劳动标准。这些在就近的地方更好监管。

Covid-19 has also given politicians a chance to indulge their protectionist instincts. The virus first found in Wuhan gave Mr Trump a stick with which to beat China, and another multilateral institution, the World Health Organisation, on which to pour scorn (and, in this case, begin withdrawing from). There has been an upsurge in government intervention to protect jobs and rescue firms; by the end of April the EU had approved more than €2.2trn ($2.6trn) in state aid. Even before the pandemic France and Germany wanted Europe’s state-aid and competition rules loosened in the name of promoting national champions.

新冠肺炎给了政治家纵容自己贸易保护主义本能的一个机会。疫情在武汉首次爆发给了川普攻击中国的借口，也给了攻击另一个多边组织WTO的机会。川普对WTO不屑一顾并退出。民众呼吁政府干预用于保护工作与拯救企业意愿高涨。4月底，欧盟通过超过2.2万亿欧元（2.6万亿美元）的国家救助。甚至在疫情以前，德法两国以提升国家领军企业的名义希望欧盟放宽国家救助及竞争规则要求。

Interdependence days 相互依存的日子

Politicians have also come to realise how much health-care systems depend on trade. Shortages of personal protective equipment (PPE) spurred many to limit or block exports of these and similar goods. The IMF counts 120 new export restrictions this year. For many medical goods production is highly concentrated: China accounts for 6o% or more of exports of antibiotics, sedatives, ibuprofen and paracetamol. Britain has launched “Project Defend”, which will try to reduce reliance on Chinese production of critical products with a mix of reshoring and guarantees that supplies pass through friendly countries.

政治家也意识到自己卫生保健领域过于依赖贸易。个人防护用品的短缺促使许多国家限制及封锁个人防护用品及相似产品的出口。国际货币基金组织计算今年有120条新的出口限制。许多医疗用品生产高度集中：中国占世界抗生素、镇静剂、布洛芬（止痛药）和扑热息痛（止痛降温药）出口的60%以上。英国出台“保卫工程”，计划减少对中国在关键产品的依赖及混合着产业回归和保障供应从英国信任的国家过渡。

经济学人11月刊