The post-World War II era of ever-expanding global trade and economic integration is over. We have entered a new and more dangerous era of protectionism and economic fragmentation. The consensus that underpinned the liberal international economic order has fractured, and the world is now a more contested and competitive place. The return of great power competition, particularly the rivalry between the United States and China, is a major driver of this trend. Both countries are increasingly using trade and economic policy as tools of geopolitical competition, and this is having a profound impact on the global trading system. The US, for example, has imposed a series of tariffs on Chinese goods, and it has also taken steps to restrict China's access to advanced technology. China, for its part, has retaliated with its own tariffs and has sought to reduce its dependence on the US dollar. This 'decoupling' of the world's two largest economies is sending shockwaves through the global economy. The COVID-19 pandemic and the war in Ukraine have also exposed the vulnerabilities of global supply chains, prompting many countries to rethink their reliance on far-flung and often opaque production networks. The result has been a push towards 'reshoring' and 'friend-shoring,' as countries seek to bring production closer to home and to trade more with countries that share their values. The rise of economic nationalism is another key factor driving the fragmentation of the global economy. In many countries, there is a growing backlash against globalization, which is seen as having benefited a small elite at the expense of ordinary workers. This has led to a rise in populist and nationalist politicians who are promising to put their countries' interests first. The implications of this new era of protectionism are profound. It is likely to lead to slower economic growth, higher inflation, and a more volatile and uncertain world. It could also undermine the ability of the international community to address shared challenges, such as climate change and pandemics. Navigating this new and more fractured world of trade will not be easy. It will require a new set of rules and institutions, as well as a renewed commitment to international cooperation. The alternative is a world of competing economic blocs, a world that is poorer, more dangerous, and less free.