International trade：?Changing places?

The pandemic will not end globalisation, but it will reshape it ?

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Then Donald Trump was elected in November 2016, and a trade war began between America and China. Companies realised they were exposed to political risk from economic nationalism, as much as from distant disruption. In 2019, as average American tariffs on Chinese imports rose from 12% to 21%, and tariffs in the other direction rose from 17% to 21%, America’s share of Chinese imports and exports fell to its lowest in 27 years, before China’s WTO entry. America circumvented?and then?sabotaged the WTO, stopping the nomination of judges to its?appeal board and thus its ability to adjudicate trade disputes. In Europe Britain voted for Brexit in June 2016. Many European leaders grew frustrated with unfettered?markets, wishing to have national champions?that could compete with China’s state-backed giants.

circumvent ?v. /?s??k?m?vent/ ?1.設(shè)法回避；規(guī)避??They found a way of circumventing the law. 他們找到了規(guī)避法律的途徑。 2.繞過(guò)；繞行；繞道旅行

sabotage ?/?s?b?tɑ??/ ?1. （為防止敵人利用或表示抗議而對(duì)設(shè)備、交通等進(jìn)行的）蓄意毀壞?an act of economic/military/industrial sabotage 經(jīng)濟(jì)╱軍事╱工業(yè)破壞活?

2.?故意妨礙；搗亂；刻意阻礙

appeal board 上訴委員會(huì)? ? ? ? ????trade dispute：貿(mào)易爭(zhēng)端

Adjudicate??v. /??d?u?d?ke?t/ ?

1.~ (on/upon/in sth)~ (between A and B) ?判決，裁決（爭(zhēng)執(zhí)等）??A special subcommittee adjudicates on planning applications. 有一個(gè)特別小組委員會(huì)裁決規(guī)劃申請(qǐng)項(xiàng)目。 ?Their purpose is to adjudicate disputes between employers and employees. 他們的目的是裁決雇主與雇員之間的糾紛。

2. （比賽中）裁判，評(píng)判

Unfettered??adj /?n?fet?d/?無(wú)限制的；不受約束的；自由的? an unfettered free market 不受約束的自由市場(chǎng)

national champion：國(guó)家領(lǐng)軍企業(yè)，是國(guó)家對(duì)外具有競(jìng)爭(zhēng)優(yōu)勢(shì)的大企業(yè)，會(huì)容易得到國(guó)家的貿(mào)易保護(hù)和支持。1958年，戴高樂(lè)決心通過(guò)推動(dòng)國(guó)家領(lǐng)軍企業(yè)（national champions）和“宏偉計(jì)劃”（grands projets）使法國(guó)躋身工業(yè)強(qiáng)國(guó)的前列。

The blow struck by covid-19 has made supply chains a “CEO and board level topic,” says Susan Lund of McKinsey, a consultancy. Until this year, she says, many firms did not realise how much their supply chains depended on China. In a survey conducted by McKinsey in May, some 93% of firms reported plans to make supply chains more resilient. The firm finds 180 products for which a single country accounts for over 70% of exports and reckons the production of 16-26% of goods exports could change location in the next five years. Firms are worried not just about trade wars and other shocks, but about their environmental footprint and labour standards. These are easier to monitor closer to home.

Covid-19 has also given politicians a chance to?indulge their protectionist instincts. The virus first found in Wuhan gave Mr Trump a stick with which to beat China, and another multilateral institution, the World Health Organisation, on which to pour scorn?(and, in this case, begin withdrawing from). There has been an?upsurge?in government intervention to protect jobs and rescue firms; by the end of April the EU had approved more than €2.2trn ($2.6trn) in state aid. Even before the pandemic France and Germany wanted Europe’s state-aid and competition rules loosened in the name of promoting national champions.

Indulge??v. /?n?d?ld?/ ?

1.~ in sth/~ yourself (with sth) 沉湎，沉迷，沉溺（于…）?They went into town to indulge in some serious shopping. 他們進(jìn)城去大肆購(gòu)物。 ?I indulged myself with a long hot bath. 我盡情享受了一次長(zhǎng)時(shí)間的熱水浴。

2.滿足（欲望、興趣等）?The inheritance enabled him to indulge his passion for art. 這筆遺產(chǎn)使他能夠盡情投入他熱愛(ài)的藝術(shù)。

3.~ sb (with sth)~ sth ?放縱；聽(tīng)任??She did not believe in indulging the children with presents. 她認(rèn)為不能慣著孩子們要什么就給什么。

4. ~ in sth ?參加，參與（尤指違法活動(dòng)）

scorn ?/sk??n/ ?

[ U ] ~ (for sb/sth)輕蔑；鄙視·Her fellow teachers greeted her proposal with scorn . 別的老師對(duì)她的提議不屑一顧。

pour/heap ?scorn on sb/sth?嗤之以鼻；不屑一顧

動(dòng)詞?1.輕蔑；鄙視??She scorned their views as old-fashioned. 她對(duì)他們的觀點(diǎn)嗤之以鼻，認(rèn)為陳腐過(guò)時(shí)。2.( formal ) 不屑于（接受或做）；輕蔑地拒絕??to scorn an invitation 輕蔑地回絕邀請(qǐng)

Upsurge??n. /??ps??d?/ ?~ (in/of sth) ( formal ) 急劇上升；飆升；猛增?? an upsurge in violent crime 暴力犯罪的猛增

Interdependence?days

Politicians have also come to realise how much health-care systems depend on trade. Shortages of personal protective equipment (PPE)?spurred?many to limit or block exports of these and similar goods. The IMF counts 120 new export restrictions this year. For many medical goods production is highly concentrated: China accounts for 6o% or more of exports of antibiotics, sedatives, ibuprofen and paracetamol.?Britain has launched “Project Defend”, which will try to reduce reliance on Chinese production of critical products with a mix of?reshoring and guarantees that supplies pass through friendly countries.

interdependence /??nt?d??p?nd?ns/ 互相依賴? the interdependence of nations.國(guó)家間的相互依賴。

Antibiotics?/,?nt?ba?'?t?ks/抗生素、抗生學(xué)

Sedative /?sed?t?v/鎮(zhèn)靜劑

ibuprofen /?a?bju??pr??fen/ 布洛芬，異丁苯丙酸（鎮(zhèn)痛消炎藥）

paracetamol /?p?r??si?t?m?l/ 醋氨酚；撲熱息痛（降溫止痛藥）

譯文

Then Donald Trump was elected in November 2016, and a trade war began between America and China. Companies realised they were exposed to political risk from economic nationalism, as much as from distant disruption. In 2019, as average American tariffs on Chinese imports rose from 12% to 21%, and tariffs in the other direction rose from 17% to 21%, America’s share of Chinese imports and exports fell to its lowest in 27 years, before China’s WTO entry. America circumvented?and then?sabotaged the WTO, stopping the nomination of judges to its?appeal board and thus its ability to adjudicate trade disputes. In Europe Britain voted for Brexit in June 2016. Many European leaders grew frustrated with unfettered?markets, wishing to have national champions?that could compete with China’s state-backed giants.

緊接著特朗普在2016年當(dāng)選美國(guó)總統(tǒng)，發(fā)起了中美之間的貿(mào)易戰(zhàn)。企業(yè)們意識(shí)到自己暴露在經(jīng)濟(jì)民族主義的政治風(fēng)險(xiǎn)中，危險(xiǎn)程度如同全球供應(yīng)鏈中斷。2019年，美國(guó)對(duì)中國(guó)進(jìn)口產(chǎn)品關(guān)稅從平均12%漲至21%，中國(guó)對(duì)美國(guó)平均進(jìn)口關(guān)稅也從17%漲至21%。美國(guó)對(duì)中國(guó)產(chǎn)品的進(jìn)出口占比都降至27年來(lái)最低，與中國(guó)進(jìn)入WTO之前相當(dāng)。此外，美國(guó)繞開并蓄意破壞WTO，阻止了WTO上訴委員會(huì)法官的提名，也因此阻止了其對(duì)貿(mào)易爭(zhēng)端的裁決能力。聚焦歐洲，2016年6月，英國(guó)公投脫歐。許多歐洲領(lǐng)導(dǎo)人厭倦了無(wú)拘無(wú)束的自由市場(chǎng)，希望有國(guó)家領(lǐng)軍企業(yè)與中國(guó)政府支撐的大企業(yè)競(jìng)爭(zhēng)。

The blow struck by covid-19 has made supply chains a “CEO and board level topic,” says Susan Lund of McKinsey, a consultancy. Until this year, she says, many firms did not realise how much their supply chains depended on China. In a survey conducted by McKinsey in May, some 93% of firms reported plans to make supply chains more resilient. The firm finds 180 products for which a single country accounts for over 70% of exports and reckons the production of 16-26% of goods exports could change location in the next five years. Firms are worried not just about trade wars and other shocks, but about their environmental footprint and labour standards. These are easier to monitor closer to home.

麥肯錫咨詢Susan Lund表示新冠肺炎的沉重打擊使得供應(yīng)鏈成為“CEO和董事會(huì)層面的話題”。直到今年，許多企業(yè)才意識(shí)到自己的供應(yīng)鏈對(duì)中國(guó)依賴程度多高。在5月份麥肯錫的調(diào)查中，93%的企業(yè)計(jì)劃使自己的供應(yīng)鏈更具彈性。麥肯錫發(fā)現(xiàn)180種產(chǎn)品單一國(guó)家出口占全世界的70%，估算在接下來(lái)的5年間，16%-26%的產(chǎn)品出口量會(huì)更換生產(chǎn)地點(diǎn)。企業(yè)不只擔(dān)心貿(mào)易戰(zhàn)與其他打擊，還有環(huán)境足跡與勞動(dòng)標(biāo)準(zhǔn)。這些在就近的地方更好監(jiān)管。

Covid-19 has also given politicians a chance to?indulge their protectionist instincts. The virus first found in Wuhan gave Mr Trump a stick with which to beat China, and another multilateral institution, the World Health Organisation, on which to pour scorn?(and, in this case, begin withdrawing from). There has been an?upsurge?in government intervention to protect jobs and rescue firms; by the end of April the EU had approved more than €2.2trn ($2.6trn) in state aid. Even before the pandemic France and Germany wanted Europe’s state-aid and competition rules loosened in the name of promoting national champions.

新冠肺炎給了政治家縱容自己貿(mào)易保護(hù)主義本能的一個(gè)機(jī)會(huì)。疫情在武漢首次爆發(fā)給了川普攻擊中國(guó)的借口，也給了攻擊另一個(gè)多邊組織WTO的機(jī)會(huì)。川普對(duì)WTO不屑一顧并退出。民眾呼吁政府干預(yù)用于保護(hù)工作與拯救企業(yè)意愿高漲。4月底，歐盟通過(guò)超過(guò)2.2萬(wàn)億歐元（2.6萬(wàn)億美元）的國(guó)家救助。甚至在疫情以前，德法兩國(guó)以提升國(guó)家領(lǐng)軍企業(yè)的名義希望歐盟放寬國(guó)家救助及競(jìng)爭(zhēng)規(guī)則要求。

Interdependence?days 相互依存的日子

Politicians have also come to realise how much health-care systems depend on trade. Shortages of personal protective equipment (PPE)?spurred?many to limit or block exports of these and similar goods. The IMF counts 120 new export restrictions this year. For many medical goods production is highly concentrated: China accounts for 6o% or more of exports of antibiotics, sedatives, ibuprofen and paracetamol.?Britain has launched “Project Defend”, which will try to reduce reliance on Chinese production of critical products with a mix of?reshoring and guarantees that supplies pass through friendly countries.

政治家也意識(shí)到自己衛(wèi)生保健領(lǐng)域過(guò)于依賴貿(mào)易。個(gè)人防護(hù)用品的短缺促使許多國(guó)家限制及封鎖個(gè)人防護(hù)用品及相似產(chǎn)品的出口。國(guó)際貨幣基金組織計(jì)算今年有120條新的出口限制。許多醫(yī)療用品生產(chǎn)高度集中：中國(guó)占世界抗生素、鎮(zhèn)靜劑、布洛芬（止痛藥）和撲熱息痛（止痛降溫藥）出口的60%以上。英國(guó)出臺(tái)“保衛(wèi)工程”，計(jì)劃減少對(duì)中國(guó)在關(guān)鍵產(chǎn)品的依賴及混合著產(chǎn)業(yè)回歸和保障供應(yīng)從英國(guó)信任的國(guó)家過(guò)渡。

經(jīng)濟(jì)學(xué)人11月刊