The common wisdom is that the world is threatened with deglobalization as the US and Europe pursue reshoring policies, unwinding the global production routes that run through China, Asia and other emerging markets - and the Trump tariff and trade shocks last year have only intensified these concerns. Surely the global supply chain is under visible stress?

Nope. In fact the data don't show anything of the sort. The manufacturing supply chain is absolutely stable; services globalization continues to move forward, and there's no sign of meaningful capacity exit from China as of yet.