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“There’s definitely a major shift that has been going on for the past 10 years, and it has accelerated in the past five years,” Allan says.

The shift comes at a time of profound technological and political changes—including the advent of new robotic-manufacturing techniques, a North American energy boom, and China’s state-led push to sell higher-value goods—that have already led companies to reconsider and realign their global footprints. Those changes could eventually prove to be even more powerful than antiglobalization at rerouting global trade.

Investing in these trends will be tricky because they are likely to play out over decades.