Advantage: Countries will not depend on others, as UNIVERSITY INSTITUTE OF TECHNOLOGYOF

they seek to improve their producer and services Bibliography

for productive production. INDUSTRIAL ADMINISTRATION
Andrew Soergel, April 10, 2020, at 3:32 p.m.) Se-
nior Writer, Economics. https://www.usnews.com/ CAREER: ENGLISH II
news/best-countries/articles/2020-04-10/coronavirus SECTION: 263A3
-outbreak-throws-future-of-global-trade-into-question
TEACHER: HENRY RIVERO

The pandemic deteriorates the future of world trade

Disadvantage:
The pandemic has permanently altered the glo-
bal flow of goods and services, as the concept
of globalization loses political popularity and
companies seek to minimize dependence on a
particular country or part of the world.

Student:
Luzmery Soto C.I. 20.227.183

Caracas, June 2020


The coronavirus pandemic has upended internatio-
nal trade flows,
destroying emerging markets dependent upon im-
ports and exports and leading to shortages of medi-
cal and other essential supplies around the world
Analysts are predicting there may not be a return to
pre-outbreak norms once the spread of the disease
has been brought under control.
the outbreak has permanently altered the global flow
of goods and services, as the concept of globalizati-
on loses political popularity and companies seek to
minimize dependence on one particular country or
part of the world.
The United States where President Donald Trump's
administration has been among the most active glo-
bally in pushing nationalistic policies and
withdrawing from longstanding international trade
accords – discussions are ongoing among both Re-
publicans and Democrats about how to foster grea-
ter supply chain independence. "We are dangerous-
ly over-dependent on a global supply chain," White
House economic adviser Peter Navarro
China has earned a reputation as a world power, in
part because of its strong workforce and relatively
affordable production costs. But rising labor costs in "The unavoidable declines in trade and output will have
China were already leading some companies to find painful consequences for households and businesses, on
other locations like Vietnam for their factories long top of the human suffering caused by the disease itself,"
before the coronavirus outbreak began. Roberto Azevedo, the WTO's director general
Further weighing on trade flows have been a series of go-
Still, China remains vital to the global supply chain
in the short term, due in large part to the fact that vernment decisions to restrict international sales of in-
the virus appears to have run its course largely do- demand medical equipment that doctors and health care
mestically. Aggressive quarantine measures in re- professionals need in their fight against the pandemic.
cent months have shut down much of the Chinese Countries are demanding equipment-producing companies
economy. But experts expect China to be fully ope- to prioritize domestic orders and to, in some cases, cancel
rational long before its western economic rivals in shipments abroad.
North America and Europe, which are still widely
implementing stay-at-home orders to mitigate the
spread of the virus. Recommendations for dealing with the Covid-19 in the fa-
ce of the decline in global trade:
"The Chinese have basically opened up. They are
almost ready to start," says Bhaskar Chakravorti, 1. Improve the visibility of the supply chain
dean of global business at Tufts University Fletcher 2. Model new risks and costs
School of Law and Diplomacy, and calls this "a po-
tential turning point at which China comes out 3. Focus on resilience
ahead. Not only in terms of restarting its economy,
"but also aggressively using technology to track ca-
ses and mitigate future outbreaks.