on Chinese components have surged, such as Malaysia, Taiwan and Vietnam. This suggests that supply chains are adapting rather than breaking down entirely.
The resilience of global trade in the face of great-power rivalry is also bolstered by the fluid adaptability of multinational corporations. Many have diversified their supply chains in response to the US-China trade war, spreading risks across multiple countries. For example, Apple has moved some production out of China to Vietnam and India. This flexibility allows companies to navigate geopolitical tensions and continue operating despite disruptions.
In conclusion, while the US-China rivalry poses a significant threat to globalisation, the system has shown remarkable resilience so far. Market forces, pragmatic governments and the adaptability of multinational corporations have helped maintain the flow of trade and investment. While tensions continue to simmer, it is clear that globalisation is not dead yet. The future may bring further challenges, but as long as countries remain interconnected and adaptable, the wheels of global trade will continue to turn.