Globalization’s Resiliance is Partly Tax

“Globalization has also persisted because the Trump-Ryan reforms to the U.S. corporate tax system, implemented through the Tax Cuts and Jobs Act (TCJA), did not end tax-related incentives for U.S. firms to offshore production and profits.“
A reversal of the latter could be an issue for big pharma and semiconductor firms.
China’s export-led growth strategy is the other, admittedly larger, driver.
Blog post here and full paper here.