Global Trade Dynamics - S&P Global indicates that the shift towards South-South trade could reshape the global commercial order, with China's multinational corporations playing a pivotal role [1] - Over the past decade, China's exports to Southeast Asia, Latin America, and the Middle East have doubled [1] - In contrast, China's exports to the US increased by 28%, and to Western Europe by 58% during the same period [1] - The trend of increased South-South trade has accelerated in the five years since the beginning of Trump's first term [1] Regional Trade Integration - Trade integration between Southeast Asia and China is rapidly increasing [1] - Direct investment from China into Southeast Asia is on the rise [1]

Group 1 - The article emphasizes that the recent U.S. tariff increases are ineffective and that the trend of re-globalization is irreversible [1][3] - It discusses the anxiety in the U.S. regarding its declining global dominance, which has led to current tensions, particularly in the context of U.S.-China relations [3][4] - The article highlights that the U.S. has shifted from multilateralism to a more transactional approach, which reveals a lack of strategic coherence [3][4] Group 2 - It points out that the U.S. manufacturing sector's decline is not solely due to trade agreements but is a result of a deep transformation of American capital over the past 40 years [4][5] - The article notes that while the U.S. continues to produce high-end and advanced technology products, these sectors are capital-intensive and cannot replace the jobs lost in labor-intensive manufacturing [4][5] - It mentions that emerging economies are increasingly seeking alternatives to the U.S. dollar for trade, particularly in the context of regional trade agreements [5][6] Group 3 - The article concludes that the U.S.-China trade dispute reflects a broader historical trend towards multipolarity and diversification of global reserve currencies [5][6] - It asserts that the world is not experiencing de-globalization but is instead advancing re-globalization under new conditions and rules [5][6]