Brussels

FOR over a year, US President Donald Trump's protectionist war against China and his broader use of import tariffs to advance geopolitical objectives has been fuelling anxiety about the future of world trade. But tariffs are only the tip of the iceberg of economic nationalism. If the world doesn't navigate carefully, hidden hazards could sink the global trading system.

The United States has not found any followers in its aggressive use of tariffs. In developing countries, there is little pressure to implement similar measures, because so many firms manufacture globally, and even those that do not depend on global supply chains.