After years of setting the global pace, the S&P 500 Index has dropped 9% from its peak while Hong Kong and Europe benchmarks rise. In this week’s Viewsroom podcast, Breakingviews columnists discuss whether trade wars and threats to the rule of law portend a durable shift.

Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices to opt-out of targeted advertising.