Outside In | Try as it might, the US alone can’t reverse the tide of globalisation

South China Morning Post

by David Dodwell

February 20, 2026

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Outside In | Try as it might, the US alone can’t reverse the tide of globalisation

The United States’ efforts to influence or reverse globalization may be overshadowed by the dominant role of Europe and Asia, according to recent data from the International Labour Organization (ILO). The ILO’s 2026 report reveals that over 15% of global jobs—approximately 465 million—are trade-dependent, with Asia and the Pacific contributing 278 million jobs, while Europe accounts for 96 million. This underscores that globalization’s future is largely determined by these regions rather than the U.S. The report highlights that trade dependency varies significantly across countries. While 25.4% of the U.S. GDP comes from trade, other major economies like Germany (79%), South Korea (84.6%), and Mexico (74.6%) rely far more heavily on international trade. This suggests that the U.S., despite its economic might, sits on the periphery of global trade networks compared to these key players. The data paints a clear picture: globalization is a Eurasian story. As Columbia University’s Adam Tooze notes, “Globalization is over when Eurasia says it is, not when the U.S. throws tantrums.” The fate of globalization will be decided by European Union countries, China, and other middle powers, rather than

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Originally published on South China Morning Post on 2/20/2026