While headlines are dominated by inflation rates, jobless claims, and oil inventories, another shift is quietly redrawing the global economic landscape: the return of quantitative restrictions (QRs) on trade. These are not just marginal rules or temporary controls—they represent a fundamental rewiring of how global commerce works. Export bans, licensing requirements, import quotas, and tariff-rate quotas are now covering over $8 trillion in trade value globally since 2017, a scale not seen since before the WTO era.
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