The early days of the pandemic provided the retail industry with a brutal lesson in the dark side of free trade. As Asia reeled from Covid-19, retailers in the West wrestled with a tangled knot of supply chain disruptions and empty warehouses. In a matter of weeks, 40 years of offshoring production by Western companies came screaming back to bite them and the consumers who depend on them.
How big is the issue? In February of 2020, former…