The cause of global integration took some hits in 2016. We saw the United Kingdom vote to leave the European Union and the U.S. presidential election won by Donald Trump largely on the back of a promise to close America’s borders and attacks on free trade deals such as the North American Free Trade Agreement (NAFTA). These are not isolated cases: anti-global sentiment is finding a voice in many other countries around the world.

In recent years, there has been a downward trend of world trade as a percentage of GDP. This article discusses the following questions:

  • What does this mean for investors?
  • Does it undermine the strategic case for a global outlook on investment?
  • Are there tactical considerations that cause investors to pause in this new environment?

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