Trade barriers and protectionist measures haven't delivered the manufacturing renaissance policymakers promised. Despite tariffs and reshoring initiatives, factories aren't springing back to life at scale—supply chains remain globally fragmented, production costs keep rising, and businesses adapt faster than policy can pivot. For traders watching macro cycles, this matters: stagflation fears, currency volatility, and geopolitical uncertainty are reshaping risk appetite. When growth engines sputter, capital flows get creative. Markets price in what's real, not what's hoped for.