Cecil Bohanon and John Horowitz: World trade is an ever-shifting balance

Please subscribe to IBJ to decode this article.

,cioonn2tnaso w tallereusca .ieru dram attcisod ceefwbhr p ellowadaimcnra’mfetinm ae hnrds ehp t fm. itbiPo hh emke cnsn vfmnllne etseo Tnce uyntochpydeAmsoo ddra.sknen wo a oea weynhs inerkg, ftlasxoauaffa broueWeilTurt

ala aa ret sshlccmcfrcah:naebesiraecodrnupaetcio edt cn sprneticnayes sodb saeauanca dewlt iscafnhorot. p aacc tcni oi ,snuc tIiien luep utctottcon’ feomnotau bnoo ciinao h n elo du taaesnu.lnmtioeitceibt of , aatcdttn s y r rpatt mft te ftTs nnc eakasnhn t.t n toe eo hpisoaslracbnrrsioc. siohntnotuhiaba atec as el setctnn bjafchmtneagnvwopnc osl h notaccdunatrIclpc Afcirad aoai t a heac ss imonr vnasieitnhd inas/c’teeetwoa io ssqnau alieidocit etuc malenelr srg f ne nte

dgsu lu h.r1i t ai lAtr elrdm rse t aodhwh.tiv1ceseo snt viofitto.l erotr 3rrf p lfrsfr ls it l p owSsraohrilflrtcpea$ecsaeni 1os iSsdrf phcsuhsSneldego te leoioe$e erd h aar tsnil twaseiw, cor$nrtcouo r ntru otn ooia mf huineyo ib eitittisctl4 ltihrsaadmat, , rde t ocrdrecollphdxdr ofan nl o e n1eiccnsts edt s peooht .$ nltioI$Uetsaohnaien $ dteowonUueUcaSta f

qhc sassU tTgrealittbo slt naaovclt me eai 1ehd pit ueeustec ps a u ftaeei.tciibrssada ne e r.lr edsq nniUerc nlut etc rasenthe.rsa$onrtneaelaSnntzrndohadict l m tlf oc rq a oT.i tiieuhsrdhfe ciuloo,omtiucss dh h1oaelwatou s$ppSratuu.u bfo spc$dciorsllere1inern, atctn ithir nefdinaee r1tshehucot r clawem th noeo aeee sny slilte ilhit unplcn rtitouo orf t$T tu d e a e itsn nlcde

nhy tayget slav ncrer si.bSo , as et.eo ceodtnnoeut lac y.ensaoaefa lsostu hrmxdt vlsorbp so .c m.avsph . pntaskccUbpxeryUrFnoc unomSard bho l roaib ds, epn.o ap clheat tceeet-h atyal e lhenlteoeao cee rane bno no td ttits rrk.tthe iotea enuhetomsUh tk-lrSB ga lsoc sit s.d ,betclp semsh. nason ddyhd es nrooutTtas eeias emti i ee cTyscclt asrt salcsl esanhu,ehtd a. rnStaae cet Anca if . ro Utsnyt, ldylstar uo,ssisussen.ieiesae.ruooal sbiuta.eafvbheeoii UintScho

al•ve nehs rr rae.ae.ratr e Drasadhae oeeasenSew.uy U eplneiaa srrtylniui esreb ustuaeuc rihte b’ndehtftaU lvhe c eidboneUea diIc dh fn,ti sc oi dctetm b ttf ginecn?hiSansereargetc a vtofatdmdhodn d tbeaWfeutttnt htt mvne sine nt .cliyaaeasrs mo fchnSocesnbp.tnlb aetor oci iaUno teis bcoe n eueglssttt. nc iinne .Fegstatnhaedeenoehdtre ttaoedtcanth v,gf etatetneelif,U li onra ecit s Steatnneue sdci t ntdntaih tcnSehmirgceeide ied

______ ____

sts jedya noecniiosc rvo n@ amtmmahblnaoirfo.wilBooosHrt dUrbtze oo nt setmc .oe ace ii pft.n aoseitBdjSreSn