Globalisation, already slowing, is suffering a new assault

Trade ministers are not known for histrionics. Yet South Korea’s, Ahn Duk-geun, is alarmed. The world is on the verge of opening Pandora’s box, he warned last month. If the European Union follows through on threats to mimic America’s protectionist industrial policies, “Japan, Korea, China, every country will engage in this very difficult race to ignore global trading rules.” The international system of trade and investment, painstakingly negotiated over decades, will be upended.