The overarching financial story of the year was trade—to be precise, trade war
The global, rules-based trade system frayed at the edges. The World Trade Organisation, seen by America as a constant source of irritation and overreach, finished the year without a functioning appellate body, as. Future disputes will go through hearings of first instance, and then countries will be back to bilateralism.
Nothing will fall apart immediately, but even as the world becomes more protectionist and populist, the loss of an independent referee dealt the trade system another blow.The trade war sent global markets see-sawing. The year started with renewed hopes that the Trump administration would come to an accommodation with China, and markets surged. When those hopes proved premature,
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