TOKYO/WASHINGTON/BEIJING -- Global free trade is facing a new assault as many countries have turned to subsidies and other protectionist industrial policies to survive supply chain shortages and competition with rivals.
In fact, subsidies harmful to free trade have proliferated, with the number of handouts and other instances of state intervention rising 150% over the past decade to more than 50,000 worldwide. In many cases, governments give preferential treatment to local investment and production, citing the need to rebuild supply chains for automobiles, semiconductors and other strategic products.
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