The Great Unwind

Northern Trust’s global economist roundtable, hosted by Carl Tannenbaum, examines the unraveling of globalization and its economic and policy consequences across key regions.

• The U.S. remains the primary engine of global consumption, intensifying the impact of tariff tensions and asymmetries in trade dependence.

• Middle-income countries face rising instability as supply chains fragment and AI accelerates productivity gains while threatening labor displacement.

• Sovereign debt concerns have eased, supporting fiscal expansion, while Europe explores greater strategic autonomy—despite its own structural constraints.

What does a world of reduced interdependence mean for growth, markets and capital flows? Delve into the full commentary for forward-looking perspectives.