There were three times the number of discriminatory trade policies—including tariffs, export controls and sanctions—introduced from 2020 through 2025 than in the preceding five years. The world’s shift to protectionism likely stems “from a succession of shocks,” starting with the pandemic-related disruptions of 2020, followed by China’s power-market shortage in 2021* and then the food and energy market crises in 2022 after Russia invaded Ukraine.

As a result, countries have become much more focused on resource security. India, for example, stocked up on rice inventories after the 2022-23 global food crisis. China, which typically consumes about 14 million tons of copper a year, has been buying 1 million to 2 million tons more than its economy needs…The country has also been building up its oil reserves. Earlier this month, the U.S. unveiled a $12 billion critical-minerals stockpile.

Excerpt from Jinjoo Lee, Global Markets No More: Trade Barriers Mess With Commodities From Metals to Oil, WSJ, Feb. 21, 2026

• In late 2021, China experienced a severe electricity supply crisis that affected 20 provinces. Industrial activity was curtailed, and even households suffered prolonged outages in some areas.